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Income Question??

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    Income Question??

    I have a question about income. I know from doing the means test that for my home income max is around like 28000. Last week I quit my outside the home job to work at home full time. I have several at home jobs. Only one of them I am an actual employee for and they take taxes out. Because of that I claim 0 so they take max. The others I am a contractor and I am responsible for my own taxes and deductions. My question is when they are figuring income, if I make 2600 a month from this company take home because there are no deductions. Do they take what would be normal deductions off that as if it would of been otherwise? I dont want to put myself in jeopardy of making too much money to file. Does anyone know how they handle this type of income?
    ~You should always check the source otherwise its just a Tabloid"~Tahnya

    #2
    On your bankruptcy schedules, you won't deduct the taxes from your self-employment income on Schedule I. Instead, you'll claim all of your taxes on your self-employment income as an expense on Schedule J.

    For your wage income, you deduct your payroll taxes on Schedule I and claim none of those as an expense on Schedule J.

    On the means test, gross income is used as income, and taxes are deducted as an expense (if you get that far).
    Last edited by bige1030; 03-25-2007, 08:10 PM.
    DISCLAIMER: I am not an attorney. My posts are not legal advice. They are for information only. Please feel free to use them in an academic sense, as I simply wish to share with you what I have learned/researched.

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