how much would taxes be?
if a married couple had a self employment income of $1600, what would they have to pay in taxes in the state of maryland? I may want to add the checks came from the state(daycare) and there is 60,000 in other income (combined) that taxes were taken from. dont know if this info makes a difference or not.
Public Comments
- If the $1600 was your only income, you owe no Federal income tax. You could still have to pay self-employment (social security) tax on the net profit if over $800 ($400 each spouse). For Maryland, a married couple filing joint return do not have a filing requirement if their income is less than $17,900
- You would have to pay 15.3% self employment tax to the federal. You are not required to file the state http://forms.marylandtaxes.com/current_forms/resident_booklet.pdf Christine EA Master Tax Advisor This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. http://www.hrblock.com/tax_professionals/christine_wilkins.html
