Do I need to pay tax if I am working freelance and earn about $2000 annually?

I’ve been working freelance for a math company to provide solutions and i was wondering if i need to file a tax form. And if i do, how much will i need to pay each year?
Since the only thing i use for the job is a calculator and couple math textbooks, I dont think I can deduct these expenses from the taxes. If this is the case, how much will i need to pay for an self-employment of $ 2000?

5 Replies to “Do I need to pay tax if I am working freelance and earn about $2000 annually?”

  1. Yes, you would since you are self employed and made over $ 400.00. That’s okay though. The good news is that you get to write off expenses related to the work you’re doing on your Sch C. I couldn’t tell you how much tax you would need to pay because I don’t know how many expenses you can use to lower your taxable income.

  2. If your total self-employed income is only $ 2,000, you won’t owe income tax ; but you must pay Social Security and Medicare tax about 13.3%

    You can download form 1040ES, look at page 6, there is a worksheet for you to compute self employment tax.

    The result on line 10 of this worksheet is your SE tax.

    By the way, I have computed for you, if you would not have any expenses so the result is $ 245.66.

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