I have a question for American teachers. I'm thinking of also teaching for Italki. I could teach English and possibly also German. I'm wondering about taxes.

Do you guys send money quarterly to the IRS? Do you just figure out a percentage that you'll be taxed and send that?

Also, what if you're also a student? Let's say for one month, you earn $300, but you also pay $150 for lessons. Do you then pay tax on the $300 that you earned or is that $150 for lessons a loss, and therefore you only pay tax on the $150 that you end up putting in the bank?

Any insight is appreciated.

Question

I have a question for American teachers.  I'm thinking of also teaching for Italki.  I could teach English and possibly also German.  I'm wondering about taxes.

Do you guys send money quarterly to the IRS?  Do you just figure out a percentage that you'll be taxed and send that?

Also, what if you're also a student?  Let's say for one month, you earn $300, but you also pay $150 for lessons.  Do you then pay tax on the $300 that you earned or is that $150 for lessons a loss, and therefore you only pay tax on the $150 that you end up putting in the bank?

Any insight is appreciated.

Answer

It is a gig job.  If italki is not reporting to the IRS then you don't have to pay anything.  I don't think they report.   If you want to pay in (voluntarily) then file with something like TurboTax and answer yes to self-employed and follow the program.  The only reason I see to pay in is if you want to pay into Social Security and Medicare. You will pay in about a total of 15% of your total earnings.  If you are young, it is worth it in the event that you become disabled.  You will get higher benefits.  I did this and it paid off when I became disabled due to a heart problem.

Verpassen Sie nicht die Gelegenheit, bequem von zu Hause aus eine Sprache zu lernen. Stöbern Sie in unserer Auswahl an erfahrenen Sprachlehrern und melden Sie sich jetzt zu Ihrer ersten Unterrichtsstunde an!