One year ago I began gold panning, metal detecting and gold recycling (electronics) full-time. The gold nuggets which I'm able to acquire from doing all of these is very little and it is very time consuming. The income which I earn from doing these is about $750 per month or $9,000 per year. My expense is usually gas mileage which is about $166 per month ($2,000 this year). My question was do I have to pay taxes to the IRS? I ask this question because I have read from websites the following:
"As an example, somebody under the age of 65 filing as a single taxpayer will only be required to file if his or her income is $10,400 or more. Why $10,400? Simple—that is the value of the standard deduction for a single taxpayer (including one exemption) in 2017. In other words, that is the amount of money that a single filer would have deducted from his or her income anyway. So, if that individual did not reach the $10,400 threshold, he or she would effectively have no taxable income, and there would be no reason to file."
"For 2017, the base tax rate is 10% if you earn $9,325 or less. For those earning between $9,325 and $37,950, the tax rate moves up to 15%. Tax rates increase gradually, topping out at 39.6%. This tax rate affects a relatively few number of taxpayers overall, as you need to earn at least $418,400 annually to break into this top tax bracket."
I'm a single taxpayer under the age of 65. In my case, what would all of these mean?