Minors have to pay taxes through internet profit?

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GreekRocketMan

New member
Lets say that I am a minor, and I have a special set of skills that I can advertise to people on the interent that are willing to pay, via Paypal. Would I, as a minor, have to file a W2 on the profits that I make since I am not on a pay roll, etc?

And the product would be received via email, IM, etc.
 
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bostonianinmo

Member
You get a W-2 if you are an employee. You are self-employed and therefore file Form 1040 and attach Schedule C or C-EZ to report your business income and expenses. If the net profit is over $400, you also attach Schedule SE to calculate the self-employment tax which is roughly 14.1% of your net profit.
 
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bostonianinmo

Member
You get a W-2 if you are an employee. You are self-employed and therefore file Form 1040 and attach Schedule C or C-EZ to report your business income and expenses. If the net profit is over $400, you also attach Schedule SE to calculate the self-employment tax which is roughly 14.1% of your net profit.
 
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