It will be for about 3500 dollars.Together our total income will be about 4500 dollars. Thanks.My wife will get a 1099 for cleaning the office she works in. How will this affect our taxes?
She'll owe about $495 in self-employment taxes if that's her net profit from the business activity. With only $4,500 in total income, no income taxes will be due. If you're both over 25, you might get a few $$$ in EIC to offset some of her SE tax liability.My wife will get a 1099 for cleaning the office she works in. How will this affect our taxes?
it counts towards her income and she needs to report it and pay taxes on it.
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