Your profit from trading stocks is reported on Schedule D, as short-term capital gains. The IRS website has instructions and the tax rates on this kind of income so you can see. The $10K lower limit is on EARNED income, which this is not. You should receive an end of year statement about your trading activity that you will use for reporting and it will show you where/how to report the SST deduction if it is not just a transaction fee.

Suppose I made 7000/- this year in day trading and that is the only income I had,...so will this amount be taxable? And what is SST that is deducted everytime on daytrade? Is is same as that tax which I am talking about?