Comments on: Am I supposed to be doing something about taxes on my babysitting money?

By: gomanyes562

gomanyes562 — Sun, 17 Aug 2008 00:17:29 +0000

At $300 a month, you aren’t going to owe any taxes. I don’t know if you would be required to file a return or not, but I wouldn’t bother.

The graduation gift is not taxable or reportable.

By: Graduate Assistant

Graduate Assistant — Thu, 14 Aug 2008 05:48:22 +0000

Francis is incorrect. You may have to file a tax return. It depends upon your age, income and filing status. Check page 6 of the Form 1040 instructions at:

This explains it very clearly.

By: Judy

Judy — Mon, 11 Aug 2008 08:06:24 +0000

Keep accurate records of what you make, and any associated expenses. You are required to file a tax return showing the babysitting money and the money from the piano lessons. You don’t report the gifts you got for graduation though.

You aren’t likely to owe any income tax on the amount you make, but will owe self-employment tax (for social security and medicare) - that will be about 15% of your income.

To file you’ll use a form 1040, a schedule C-EZ and a schedule SE.

By: Francis D

Francis D — Sat, 09 Aug 2008 17:11:19 +0000

students dont pay taxes…dont even have to file anything, so dont worry….Its not worth it to file anyways because you wont recieve anything from social security anyways..They take money out, but you wont get anything back unless you make $4000 dollars or more….