All payment amounts are listed in current (i.e., nominal, without inflation adjustment) United States dollars (USD).
Upward recording adjustment: 2017,480.00
Downward recording adjustment: 2016,480.00
For more information on taxes, learn about Form 1040 and Form 1099-MISC.
Pass the parameterincomeForTaxPurposes in the URL to change the income used below to an arbitrary amount (example); this will use the same amount for all years.
In the year 2021, the total payment awarded to you (your income) was $0.00 USD, and the total money paid to you was $270.72 USD. Your upward adjustment to income (for payments from tasks completed in previous years, that was finalized in 2021) was $0.00 and the downward adjustment to income (for payments for completed tasks in that year, but finalized in later years) was $0.00. Thus, the effective income for tax purposes from contract work is $0.00.
Here is a rough estimate for how much tax you would need to pay assuming all your income was from contract work for Vipul Naik:
More details of your tax situation and how to fill your tax forms are below.
You had no income for tax purposes for the year 2021 from contract work for Vipul Naik. If you had no other income in the year, you do not need to file a tax return.
In the year 2020, the total payment awarded to you (your income) was $270.72 USD, and the total money paid to you was $0.00 USD. Your upward adjustment to income (for payments from tasks completed in previous years, that was finalized in 2020) was $0.00 and the downward adjustment to income (for payments for completed tasks in that year, but finalized in later years) was $0.00. Thus, the effective income for tax purposes from contract work is $270.72.
Here is a rough estimate for how much tax you would need to pay assuming all your income was from contract work for Vipul Naik:
More details of your tax situation and how to fill your tax forms are below.
You had self-employment income for the year 2020. However, assuming that all your self-employment income was through contract work for Vipul Naik, you do not pass the threshold for filing and paying taxes. Specifically, 92.35% of your income was less than the threshold of $400. For more information, see Self-Employed Individuals Tax Center and Form 1040, Schedule SE (PDF) (Page 2, line 4c). You are also below the minimum threshold for paying income tax.