What are the taxes like for modeling?

Question

i have a few shoots lined up and i've done 2 shoots this summer as a freelance model, how much can i expect to have to pay on taxes, i've heard it's pretty ridiculous. i work in a small store in the mall near my house but i don't make much money, i was planning on using the money i make modeling to help me through college but will it be worth it with all the taxes i'll have to pay?

Answer 1

In the U.S., at any rate, income taxes don't vary by profession. What changes are what you may be able to deduct as a business expense.

Your income tax rate will be based on total income earned. It's graduated, so as you make more, the higher amount, or bracket, will be taxed a higher rate. It all depends on what you earn.

If you start making a substantial amount--say, more than a few thousand dollars over the summer--you may want to consult a CPA who can advise you about deductions that would decrease your taxes. (I can't say for certain, but it seems possible that make-up and hairstyling would be tax-deductible.)

Answer 2

The amount you pay will be determined by how much you make for the total tax year, weather or not you can claim yourself as a deduction or if your parents are still claiming you.  Either way keep track of your mileage, your costs for transportation, phone, advertising, costumes, as well as any professional costs, ie tax specialist, lawyer, cosmetician, hair dresser.  Most costs, as an independent, of creating income are deductible.  You would be wise to do some research on tax filing how to's or pay the fee and contact a professional.  The IRS maintains a web site @  www.irs.gov. All the info you need can be found there.  It just takes a lot of reading and some studying to make sure you understand what the parameters are.  

Answer 3

Taxes are not 100% of your income.

However, I suspect that you will be paid on a 1099-Misc, so assume that 30% will go to federal taxes.  You will also owe state and if the shoots are out of state, to more than one state.  So allow 10% for the state.