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W-9 Question for First Ever Job

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#1

Hello everyone! I just had a question about taxes.

I want to start doing online freelance work on Fiverr as a side hustle and I know I have to fill out the W-9 form. Though, I’ve never had a part-time job before, not even in high school, and hence I’m not very familiar with how taxes work. I have tried doing a bit of research, though I still have some questions.

Would filling out the form require me to pay taxes, even if I end up making less than $400?

Also, what if I am unable to pay the taxes on my own (since this would be my very first independent source of income)? Should I hesitate on filling out the form, since this is the case?

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#2

If you are a US resident, you have to fill out the form or your account will be put on ice until you do.

If you are a minor, it is best to have your parents help you with your taxes. If you make more than $400 gross here, you will need to claim this income and fill out the 1040 as well as a Schedule C. This is why you need your parents to help you!

If you do become successful here, I would suggest you put back at least 20% of what you make so you do have the money to pay your tax bill at the end of the year. Actually, freelancers and those who are self-employed are supposed to pay quarterly estimated taxes.

GG