Like if you make under $8000.00 a year do you have to claim those taxes.
2007-04-19 14:24:05 · 5 answers · asked by lovely 1 in Business & Finance ➔ Taxes ➔ United States
but I also have a second job though but the first job pays a flat rate and its straight cash. do i still have to report the cash job
2007-04-19 15:16:54 · update #1
Sorry, but any income you make you have to claim. The very least is 600.00. If no taxes are taken out, you are responsible for those taxes.
2007-04-19 16:44:56 · answer #1 · answered by doris_38133 5 · 0⤊ 2⤋
Yes you have to report the cash job, and pay not only income tax but also self-employment tax on that if the total income is $400 or more. If you don't report it, you'll be subject to interest and large penalties down the line.
The limit of $8450 for not having to file is for someone who is single, not a dependent, if all their income is on a W-2. Since you have the cash job also, that limit doesn't apply to you, the $400 limit does.
2007-04-20 01:28:29 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
If you are claimed as a dependent on someone else's return (i.e. parents), you have to file if you have earned income of $5,150.00, but the other person was right saying you should file because if you have withholding you are more than likely to get it back (Federal only, Box 2 of W-2, not SS and Medicare, Boes 4 and 6).
2007-04-19 22:13:01 · answer #3 · answered by Brian S 2 · 0⤊ 1⤋
Yes, you are supposed to report the cash job.
2007-04-19 23:19:12 · answer #4 · answered by CarVolunteer 6 · 0⤊ 0⤋
You must file a return if your gross income was at least $8450.
You should file a return if you had any taxes withheld (You may get a refund.)
2007-04-19 21:41:27 · answer #5 · answered by ewetaunt 3 · 0⤊ 0⤋