If you work for cash, how much money can you make before you have to file income taxes?

Question

Also, how much will the government take. I would probably make around $7,000.00

Answer 1

The government will not take any money because you do not make enough.  For being single, You will have to make at least $8,850 to be required to file.  So if you earning wages and at least 25 years old you could not get any earned income credit because you have to file a return.  Also, you still need to contribute to your Social Security and Medicare regardless of your amount of income.  Without filing a return in 2007 you will not have receive the extra $300 stimulus check.  

Answer 2

If all of your income is cash income, you are required to file if you make over $400.  If you are required anyway to file a return, maybe because you have other income, then you must report the cash income from the first dollar.

Self employment tax will be around $989.  You might or might not owe income tax on $7000 - if you are not a dependent, you won't, but if you are a dependent you'll owe around $155.

Answer 3

no matter how much u make  u pay taxes   i once had a paycheck for 23 dollars and it still had taxes  

Answer 4

If it's your ONLY income for the year, the filing requirement amount is $400.  That's right, Four Hundred Dollars.

You are treated as being self-employed.  You must pay both halves of the Social Security and Medicare taxes, plus any income tax due.  You file Form 1040 and attach Schedule C or C-EZ to report your income.  Then attach Schedule SE if the net income is $400 or more.

If you are not a dependent you won't pay any income tax, but you will pay about $990 in self-employment taxes.  If you are a dependent, add another $155 for income taxes.  If your state levies an income tax you'll have to pay that too.

Answer 5

If you are self-employed and you make over $400 for the year, you have to file and pay.

If someone doesn't claim you as a dependent, you would owe about $1000 in taxes on $7000 in net self-employment income.  Add another $200 or so if you are claimed as a dependent.