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(US) How do I pay taxes on $300/yr independent contractor income?
My best guess right now is that I do the following:
1. Pay estimated taxes if I feel like it, but I probably won’t have to;
2. Include this income in IRS schedule C and schedule SE;
3. End up paying zero “self-employment taxes” at the federal level, but including it in my AGI which which slightly increase my tax liability at the federal and state level.
Am I close?
I’m okay with using TurboTax or something, but not until I understand the basics mysefl.
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