Just want to make sure:
Do you have to pay income tax for every form of income you get? Does it even matter if you work for your parents or get paid in cash or check?
What would be the consequence if you get caught?
2006-11-20 08:38:59 · 7 answers · asked by HY 1 in Business & Finance ➔ Taxes ➔ United States
The 16th amendment authorizes congress to collect taxes on incomes, from whatever source derived. The tax code deliberately uses the exact 'income, from whatever source derived' language. The form of payment is not relevant. There are some forms of income specifically not included. It does not sound as if any apply in your case. Depending on how much you make and a few other factors, you may not owe any tax.
If you deliberately hide income from the IRS, jail time is possible. The IRS also has the power to take nearly anything you will ever own to pay back taxes and penalties.
2006-11-20 11:05:11 · answer #1 · answered by STEVEN F 7 · 0⤊ 1⤋
Well the consequences are that you could be charged with Tax evasion and have to pay back taxes plus penalties. If you get paid in cash most businesses will send you a W9 form. Don't try to get around it. Just pay it. If you don't have a lot of income you might get it back when you file in April
2006-11-20 08:49:04 · answer #2 · answered by Anonymous · 1⤊ 0⤋
fairness might want to be even as everybody will pay in accordance to their ability to pay. it really is why we've tax brackets. besides the undeniable fact that the wealthy have put in loopholes that enable them get out of paying their honest percentage. And why might want to you want to tax the individuals who do not something to earn their investments to pay the least tax price (15%)? z * there has been type war ever because the Reagan administration. purely look on the time-honored tax prices each and each and every aspect will pay. With the quantity that Romney pronounced, he purely paid 13% taxes and that doesn't comprise the money he hid contained in the Caymen Islands, and different international places. * That "40 2%" is in many cases those who're unemployed for some reason. consisting of those placed out of work by George W Bush. And the following is something you very actual fail to understand, a lot of those are scholars. though, those people * Your statement is punctiliously pretend and does not even make experience. If the authorities spends funds, that funds turns round and turns into income to organizations and persons, so spending can't exceed income as you declare yet in view that funds earned by persons and spent by them multiplies contained in the monetary device a minimum of seven cases formerly leaving our surroundings. * No, it really is a republicans interest.
2016-11-29 07:50:11 · answer #3 · answered by crabtree 3 · 0⤊ 0⤋
If you have income then you have to pay the income tax. Cash payment is illegal if it goes unreported to the IRS. Consequences could go from a fine to imprisonment.
2006-11-20 08:47:38 · answer #4 · answered by koral2800 4 · 2⤊ 0⤋
YES!!!!All income is taxable. Consequences, if you are caught are a fine and possibly imprisonment from 3 to 5 years.
2006-11-20 09:06:17 · answer #5 · answered by Vagabond5879 7 · 0⤊ 1⤋
you must pay on the $$ reported to the IRS and State
2006-11-20 08:44:42 · answer #6 · answered by golferwhoworks 7 · 1⤊ 2⤋
watch "america from freedom to facism" You can google it
2006-11-20 08:53:05 · answer #7 · answered by Anonymous · 0⤊ 2⤋