2007-04-13 12:56:58 · 5 answers · asked by AnnIRS 1 in Business & Finance ➔ Taxes ➔ United States
How honest do you want to be??? Technically you will have to file for taxes.
2007-04-13 13:05:03 · answer #1 · answered by LW 2 · 1⤊ 3⤋
If you are self-employed, you must file for any income amount above $400. The standard deduction for a single is $5150. That means you will only owe the 15.3% self employment tax, not income tax. If you worked for an employer that withheld social security tax, you are not required to file at your income level. If you worked for an employer that did not withhold, you are both guilty of fraud and yo should file and pay BOTH halves of social security tax to protect yourself and have the IRS handle your employer.
2007-04-13 21:09:56 · answer #2 · answered by STEVEN F 7 · 0⤊ 1⤋
Yes. The money you make in cash is also taxable. If you don't file including that amount, you are committing tax fraud, and are looking at a lot of cost and trouble down the line if you get caught.
2007-04-13 20:01:43 · answer #3 · answered by Judy 7 · 4⤊ 1⤋
Yes, you have to file. You also have to claim the cash as earned income.
2007-04-13 21:48:50 · answer #4 · answered by ~Me~ 4 · 0⤊ 0⤋
Every dollar you earn is taxable whether it is given to you in cash, check or used tires.
2007-04-13 20:13:03 · answer #5 · answered by SDD 7 · 1⤊ 1⤋