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If someone made $8,000 from Hubpages, how much income tax do they pay?
IF someone made $8,000 from Hubpages, then how much Federal income tax would they have to pay? Would they have to pay estimated taxes or would they figure out how much they owe when they file their federal tax return?
Note: The above figure would be the person's only income they made for the year, so keep that in mind when answering this question please. Thank you in advance.
That person would file a federal tax form with $8000 listed as their income. I don't have Adsense, so I'm not sure what kind of report people get at the end of the year or if taxes are withheld. If taxes were taken out, that goes in the appropriate box. Then you either look for the "tax bracket" for that amount in the tax booklet or the tax preparer does it for you and that tells you what you owe and then the calculations are done to figure if you owe or get a refund. There are deductions you can claim so you also have to figure those in. That's the basics.
If that was the only income a person made, the amount they owed would be fairly small. The total is less than the standard deduction + personal exemption. However, they would owe self-employment taxes and would have to check any credits they might get (the Earned Income credit is a big one when you have a small income). You would also have to consider if the person was being claimed as a dependent by someone else.
There are many good tax calculators to check out online. I like TurboTax's TaxCaster for a quick estimate. Just keep in mind that calculators just provide an estimate of tax obligations.
As far as estimated taxes go, I think it's a good idea to pay them as you go if you are self-employed. If you owe too much in taxes at the end of the year, you may be subject to penalties that will increase what you have to pay. Plus, you may not have the money on hand when the bill comes due if you wait until the last minute.
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