Do I have to pay income tax on the money I make babysitting?

Answer by  Chaneygirl (1755)

Technically, the answer is yes. And if you've net $400 or more, you would owe self employment taxes as well.

Answer by  MSH (305)

It all depends on how much you make and how much is reported by the parents to the IRS. with standard and personal deductions you would have to make several thousands of dollars to have to pay income tax. Plus it depends on if you are babysitting for a political person

Answer by  worker6692 (107)

while it is a common practice to accept money of the books for babysitting the truth is that you should in fact pay taxes on it. It is a form of income.

Answer by  tamarawilhite (17883)

You are supposed to be income tax on any income that you earn, whether you receive a W-2, 1099 or any income reporting form at all.