Self employment refers to finding yourself a job that earns you income instead of seeking formal employment.
No, earned income has to come from wages or self-employment.
Yes, it definitely is garnishable.
No investment income is not self-employed income unless you are in the business of investing or advising others on investing.
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Money earned from employment or self-employment
Absolutely!
Self employment refers to finding yourself a job that earns you income instead of seeking formal employment.
No, earned income has to come from wages or self-employment.
The IRS considers income from watching a grandchild as self-employment. The individual should file a schedule C for business income, and pay self-employment tax on the income earned.
Yes, it definitely is garnishable.
No investment income is not self-employed income unless you are in the business of investing or advising others on investing.
Money earned from means other than employment or self-employment, such as interest income, dividend income, capital gains on investment, rental income, etc.
No.
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None. Net income is after deducting expenses.
A self-employed person must file an income tax return and pay self-employment taxes on net income from self employment of $400 or more. As for federal income tax, assuming that you have no children and do not itemize, you can earn up to $17,900 (the sum of two personal exemptions and the standard deduction for married filing jointly for 2008) of net self-employment income before income taxes will apply.