Does the Earned Income Credit able to cover Self-Employment tax?
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Question: Does the Earned Income Credit able to cover Self-Employment tax?
I made 3600 dollars from August to December delivering food. So I was paid in cash with no taxes, paystub, W2 or anything. I will owe income tax, state income tax (1.67% in NJ) and self employment tax. I’ve heard that I will owe 500 dollars in Self-Employment tax and that I probably won’t owe Fed. Income tax because I didn’t make enough money. Will the Earned Income Tax cover my Self-Employment tax?
The following is the answer:
Answer by tro
it is entirely possible
Answer by Deal Mate
What this video for some answers http://www.youtube.com/watch?v=eGmN39v0Hzg
Answer by Judy
Do you have any dependent children living with you? If not, EIC fo 00 is 7 so no it wouldn’t cover all of it. And you’d have to be at least age 25.
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