Taxes

Hi, quick question how much taxes did you all seasoned mystery shoppers have to pay at the end of the year to the irs? Im still kind of new to Msc and was not sure what I can expect to pay from the money I have earned.

Create an Account or Log In

Membership is free. Simply choose your username, type in your email address, and choose a password. You immediately get full access to the forum.

Already a member? Log In.

self employment tax on the profit (after deducting your expenses) is approx. 15%. Income tax due will depend on your other income, deductions and filing status.
The amount you pay will depend upon the marginal tax rate you are subject to. It could range from 0% to 37% for Federal tax,plus Social Security and Medicate taxes. It all depends upon your tax bracket. Here is a simpled explanation which includes the brackets: [www.nerdwallet.com] BTW, there are seven for 2019: 10%, 12%, 22%, 24%, 32%, 35% and 37%.

Shopping Southeast Pennsylvania, Delaware above the canal, and southwestern NJ since 2008
Hmmm interesting thanks for posting. Can anyone tell me in dollar amount about how much they owed for mystery shopping money alone for taxes. I understand it differs, but I am just looking for a estimate that someone has had to pay. An also do you all the know how much money you would have to make to even owe when your a mystery shopper. Ex- If you made 2,000 for the year, would you owe taxes on it. Thanks for yr help
Is the $2,000 net or gross?

And if you don't understand that question, you need to consult a professional.

And no, no one here will tell you how much taxes they paid or owed. Every single one of us is different, and if I told you I paid $2,000 in income tax on my MSing income last year, that would be utterly meaningless to you. You wouldn't know if I paid that on $40,000 or on $400,000.
It also depends on what other income you have, and how much you have withheld from that income. I have a full-time job. I have the maximum amount withheld from that check to balance what I make mystery shopping. My husband also shops (he is disabled, and pays no taxes on his disability, but he is limited in what he can earn each month from a side job). What I have withheld generally covers our taxes, and with deductions, we usually get a refund, but I am meticulous in keeping up with my records.
First 11,000 tax free. (Canada)
Up to 47,000 15%. So, 15% of my mystery shop income goes to taxes. Roughly
When I was working full-time, the MS work that I did got taxed at 35%. Now that I am working part-time, the MS net income is taxed at 22 or 24%. I honestly can't see how that information can be of any help to the OP.

Shopping Southeast Pennsylvania, Delaware above the canal, and southwestern NJ since 2008
If you are seriously curious what someone here has paid in taxes, you can PM me and I will tell you. It seems a weird thing to post publicly.
@Blessedlady wrote:

If you made 2,000 for the year, would you owe taxes on it. Thanks for yr help
You owe taxes even if you made $20 for the year. Of course, you should be able to write thing off to offset much of it. You need to pay taxes on ALL income, even prizes that you win, eBay sales (assuming you made more than the product cost), a lemonade stand, babysitting, mowing the neighbor's lawn, etc. It's all income, and therefore taxable.

"Let me offer you my definition of social justice: I keep what I earn and you keep what you earn. Do you disagree? Well then tell me how much of what I earn belongs to you - and why?” ~Walter Williams
Actually, there is a small exemption for "occasional" stuff, like garage sales and lemonade stands; both for sales tax (states) and income tax (Federal).
Yeah, but if you consider mystery shopping like that, would she still be able to take deductions like mileage and stuff? I would think if you looked at it like a garage sale then mystery shopping would be more like a hobby and wouldn't be able to take deductions???

@ceasesmith wrote:

Actually, there is a small exemption for "occasional" stuff, like garage sales and lemonade stands; both for sales tax (states) and income tax (Federal).

Kim
The forum is not a reliable place to ask about taxes, no offense to anyone. You will get a different answer from every person. Some of the answers are correct, but only based on whatever experience or knowledge they may have. The IRS is happy to answer any questions you have, but be prepared to be on hold from 5 minutes to ??. Talking to a tax professional is your best choice. Many will give a free consult.
No, the exceptions are specific, and listed on the website and in the various publications.

Mystery shopping can be equated to having a garage sale twice a year or a lemonade stand on 3 separate weekends if and only if you do one or two shops in a year.

Apples and oranges.

@kimmiemae wrote:

Yeah, but if you consider mystery shopping like that, would she still be able to take deductions like mileage and stuff? I would think if you looked at it like a garage sale then mystery shopping would be more like a hobby and wouldn't be able to take deductions???

@ceasesmith wrote:

Actually, there is a small exemption for "occasional" stuff, like garage sales and lemonade stands; both for sales tax (states) and income tax (Federal).
However, if the IRS answers your question on the phone, the answer you get on the phone is NOT binding on the IRS. Only a WRITTEN answer is binding.

Partly because it's so darned complicated even the employees don't know the answers. They think they do, or they read from a script; either way, not binding on the IRS.

@cjbstar wrote:

The forum is not a reliable place to ask about taxes, no offense to anyone. You will get a different answer from every person. Some of the answers are correct, but only based on whatever experience or knowledge they may have. The IRS is happy to answer any questions you have, but be prepared to be on hold from 5 minutes to ??. Talking to a tax professional is your best choice. Many will give a free consult.
@ceasesmith wrote:

Actually, there is a small exemption for "occasional" stuff, like garage sales and lemonade stands; both for sales tax (states) and income tax (Federal).
I stand corrected there. I did have to pay taxes on a contest I won. The company shipped the prize from overseas and I got billed for duty as well. Was still worth it.

"Let me offer you my definition of social justice: I keep what I earn and you keep what you earn. Do you disagree? Well then tell me how much of what I earn belongs to you - and why?” ~Walter Williams
Hi. Does anyone know of any mystery shopping company who has an income tax return Mystery Shop in 2020?

Regards,

Hannah
@hvlasph wrote:

Hi. Does anyone know of any mystery shopping company who has an income tax return Mystery Shop in 2020?

Regards,

Hannah

If you sign up with the "top 15" companies on the list below, you'll find at least two options I think. That is, if they haven't been snapped up already in your area.
Hi. Are you talking about the "Fifteen Most Discussed Companies" ?? I didn't find the "top 15" companies.
Yes, that the list to which you are being referred.

@hvlasph wrote:

Hi. Are you talking about the "Fifteen Most Discussed Companies" ?? I didn't find the "top 15" companies.

Hard work builds character and homework is good for your soul.
To the Op, you may also be responsible to the state you live in and sometimes the city too who also charge income tax. But yes, if your income is small enough (you will have to look up the max for this year) you will not have to pay taxes on your income. But keep in mind there are other things that you do need to pay depending on your situation...Both Medicare and Social Security are part of the "taxes" most of us pay. The self employed tax covers some of these benefits you may get in the future.
New Question: Will any MSC send us a 1099-MISC form even if we made less than $600 last year?
Certainly possile, but unlikely. Of course, you owe tax on all income.
@Forever Blue wrote:

New Question: Will any MSC send us a 1099-MISC form even if we made less than $600 last year?

Shopping Southeast Pennsylvania, Delaware above the canal, and southwestern NJ since 2008
Sorry, only registered users may post in this forum.

Click here to login