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5 Answers

How will I claim babysitting money on my taxes?

Asked by: lpliskin 462 views YA Discussion

Im looking into babysitting an infant for extra income since Im a stay at home Mom. Im trying to figure out what to charge and what the IRS will take for taxes once I claim them. For arguments sake, if I charge $ 300 a week (thats what a friend charges), what percentage will I in turn have taxed? Trying to figure out if this will be worth it. Thanks! (Info about me: I will babysit in my home, I have a 2 year old and a 2 month old of my own, I hold an elementary education degree, am 26 years old)
Linds- Your answer was NO help. Not to mention I DID say for arguments sake..I just wanted to know the taxes on $ 300 a week. I live in the suburbs of a big city, its expensive here. I know someone who charges $ 450 a week! Where I grew up, $ 100 a week was normal. All depends on the area. Anyways, I wasnt asking for anyone’s opinion on my prices, just info on the taxes. Thanks

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5 Answers



  1. Linds on Nov 19, 2012 Reply

    300 a week for just one kid, seems a bit much.

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  2. hottotrot1_usa on Nov 19, 2012 Reply

    I believe that if your total income for the year is less than $ 20,000, then your tax rate will be 15 percent or less. The tax rate depends on income and deductions and allowances.

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  3. Cathi K on Nov 19, 2012 Reply

    As self employed in 2012 it is 13.3% for self employment taxes (social security and medicare). In 2013 it returns to the normal 15.3%. For federal and state taxes it depends on your total tax situation. Your income minus deductions is added to your husbands income. I cannot imagine too many expenses for an infant but if you have any most will be deductible.

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  4. tro on Nov 19, 2012 Reply

    you will report this income on Sch C and if the ‘net’ amount is $ 400 or more also on Sch SE where you calculate your self employment tax
    nothing is withheld unless this person uses you as a household employee(or a nanny) on her premises
    this is an involved procedure for her and she probably knows nothing about how to do it
    currently your self employment tax is approx. 13.3% of your Sch C net, this may or may not be taxable for income tax
    this is included with the income of your husband that you file married jointly

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  5. Bobbie on Nov 19, 2012 Reply

    Self-Employed Persons NET PROFIT from your schedule C and the SE of your 1040 income tax return during the 2013 tax filing season for the 2012 tax year income tax return for this purpose.
    Then do some estimated tax calculations for this purpose and time in your life.

    http://www.dinkytown.net/java/Tax1040.html

    Enter your filing status, income, deductions and credits and we will estimate your total taxes for 2012. Based on your projected withholdings for the year, we can also estimate your tax refund or amount you may owe the IRS next April 2013. In 2012, Federal income tax rates were scheduled to increase to pre-2001 levels, but the ‘Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010′ left the existing tax brackets in place through 2012.

    You are self-employed if you:

    Carry on a trade or business as a sole proprietor,
    Are in business for yourself in any other way.

    Self-employment can include work in addition to your regular full-time business activities, such as certain part-time work you do at home or in addition to your regular job.

    You must file a return if your gross income is at least as much as the filing requirement amount for your filing status and age (shown in Table 1-1). Also, you must file Form 1040 and Schedule SE (Form 1040), Self-Employment Tax, if:
    Your net earnings from self-employment (excluding church employee income) were $ 400 or more.
    Use Schedule SE (Form 1040) to figure your self-employment tax. Self-employment tax is comparable to the social security and Medicare tax withheld from an employee’s wages. For more information about this tax, see Publication 334, Tax Guide for Small Business.
    http://www.irs.gov website use the search box for Publication 17

    http://www.irs.gov/publications/p17/ch01.html#en_US_2011_publink1000170425

    http://www.irs.gov/publications/p334/index.html

    Business Use of Your Home

    http://www.irs.gov/publications/p334/ch08.html#en_US_2010_publink100025393

    For an explanation of these exceptions, see Publication 587, Business Use of Your Home (Including Use by Daycare Providers).

    http://www.irs.gov/publications/p587/index.html

    Daycare Facility

    If you use space in your home on a regular basis for providing daycare, you may be able to deduct the business expenses for that part of your home even if you use the same space for nonbusiness purposes. To qualify for this exception to the exclusive use rule, you must meet both of the following requirements.
    You must be in the trade or business of providing daycare for children, persons age 65 or older, or persons who are physically or mentally unable to care for themselves.
    You must have applied for, been granted, or be exempt from having, a license, certification, registration, or approval as a daycare center or as a family or group daycare home under state law. You do not meet this requirement if your application was rejected or your license or other authorization was revoked.
    Hope that you find the above enclosed information useful. 11/19/2012

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