taxes? paid under the table?

Question

i am just starting a job which pays under the table. next year, when tax time comes around... what do i do??

Answer 1

File a Schedule C and put the entire amount you received as your gross income. You will be able to deduct any job related expenses.
However; you will have to pay self-employement tax...which means you will be paying both your share & your employers share of employment taxes. So make sure they are paying you enough over "standard" pay to cover this.
Also, you may get penalized if you don't make estimated tax payments. The first payment will be due on April 17, 2007.

Answer 2

Ur question doesn't really make sense. No taxes is the point (and deffinition) of being payed under the table. It's not a big deal, but if you want, ask him to put you on the payroll instead.

Answer 3

Following advice from Jennifer and Mike could get you into major trouble. Yes, it's illegal for your employer to pay you this way, but it's also illegal for you to accept pay this way and not pay the taxes on it - you pay them the way the TH said.

Answer 4

TH is dead on the mark. Good advice. Here's a link for making your estimated tax payments: http://answers.yahoo.com/info/community_guidelines.php

Answer 5

If you deposit the monies you recieve in a bank account, make sure you declare the income.

If you dont, how well do you sleep at night?

Answer 6

dont say noting thats not your plablem its againt the law to have people working for them under the table let the IRS DEAL WITH THEM tell them you didnt know screw UNCLE SAM he takes to much money from everyone else

Answer 7

If you have no income to show then you do not need to file.