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by Dana Drew on March 21st, 2006

Dana Drew

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How do I claim babysitting income from my home? I do not have a W-2.

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  • by ggonnigan on March 27th, 2006

    ggonnigan

    As a self-employed person, you are responsible for keeping records to show how much income you received and how many expenses you had. Your income and expenses are reported on Schedule C or C-EZ (Form 1040). You are taxed on your net earnings (income you received minus any business expenses you are allowed to deduct). For information on what expenses can be deducted, see Publication 535 , Business Expenses.

    If you had net earnings of $400 or more from self-employment, you also will have to pay self-employment tax. This tax pays for your benefits under the social security system. Social security and Medicare benefits are available to individuals who are self-employed the same as they are to wage earners who have social security tax and Medicare tax withheld from their wages. The self-employment tax is figured on Schedule SE (Form 1040).


    Reference Link:

    http://www.irs.gov/individuals/students/article/0,,id=96674,00.html

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