i have my own home, car, checking account and i get paid cash and don't know if i have to do taxes or not. i get paid like $400 a week. i have a business license for housekeeping with a friend but she cleans and i have another job.
and if i do, would i get money back or would i have to pay?
2007-01-26 12:59:14 · 8 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Keep the cash for yourself, and don't tell Uncle Sam.
2007-01-26 14:12:29 · answer #1 · answered by c_ray_mcmanus 4 · 0⤊ 1⤋
Would you get $$ back ? Did you pay $$ in ?
You get $$ back if you over paid . . . and since you are asking about getting it back, you must have been paying all along. You better file.
$400 a week is over $20,000 a year and well over the requirements for filing . You have a business license so the government is aware you are doing business.
Not filing could eventually end up with a massive tax fraud case against you. Maybe you ought to file.
2007-01-26 21:14:03 · answer #2 · answered by kate 7 · 0⤊ 0⤋
you have to file an income tax return if you earn wages and you expect a refund.
You must pay SE tax and file Schedule SE (Form 1040) if
your net earnings from self-employment (excluding church employee income ) were $400 or more.
sorry - not enough information to answer your question on whether you would get money back or have to pay.
you have another job? that pays the $400 cash
and does the employer deduct taxes from your pay?
The IRS has many resources for the self-employed individual
2007-01-26 21:19:39 · answer #3 · answered by birdwatcher 4 · 0⤊ 0⤋
Yes, you should pay taxes. The #1 thing to keep in mind is that employers have to report what they are paying you. If yours reports it and you don't file the taxes, you will get caught. If they don't report it, well, then, chances are you'd be ok, but I wouldn't condone it.
2007-01-26 21:05:47 · answer #4 · answered by CG 6 · 2⤊ 0⤋
that is what u call self-employment
U would have to file it as self-employed
and u would have to pay taxes which will
go for your future SS and medicare.
If u file EIC and have children, u may get more back
but they will deduct the self employed tax right out.
2007-01-26 21:06:30 · answer #5 · answered by sunflare63 7 · 1⤊ 0⤋
From a legal standpoint. Yes. You must report all earned income.
2007-01-26 21:03:26 · answer #6 · answered by MattyG 3 · 1⤊ 0⤋
I think you would have to pay back taxex for what you should have paid in through the year.
2007-01-26 21:07:43 · answer #7 · answered by swtluvingcntrygirl 3 · 1⤊ 0⤋
you do if you do not want any problems with the government....
My bf didn't and now he can't marry me because he has to show his tax records in order to get me in the country.
2007-01-26 21:38:54 · answer #8 · answered by Little Witchy Girl 5 · 0⤊ 0⤋