If I am bringing in $325.00 a month in cash, how much should I set aside for taxes?

Question

I help take care of someone and run various errands. I am paid in cash, but still file my taxes each year. I do not want to owe "Uncle Sam" and I live in South Carolina, so I have to pay State taxes as well. Can anyone help me?

Answer 1

set aside about 12% to be safe...on a regular basis.
It also depends on your filing status... dependents, etc
And what about any other income?
If you make less then & get cash you have no forms to file.

Answer 2

If the $325 per month is your only income, your total income is $3900 per year. That is not enough to owe INCOME tax. The IRS would consider you self employed. You need to file a 1040 with Schedule SE for self employment taxes. The rate is 15.3% and is equal to both halves of the Social Security and Medicare taxes paid by employers and employees.

The South Carolina tax form starts with the Federal Taxable Income. In your case, that appears to be zero. I don't think you will owe state income tax.

Answer 3

If $325 per month or $3,900 per year is all you make …. Set aside nothing, you should owe nothing in taxes. File your return if you like to be legal. If there are other factors to your situation, then there other answers

Answer 4

$325 cash only a month - then u don't need to file taxes.
Unless u have other income.
And the 1st answer was right. It also depends on your status.

Answer 5

I dont think you make enough to worry about paying. its good to file I guess check your laws. But seems to me if its cash you still dont make enough to worry about.

Answer 6

If that is your total monthly income you won't owe any tax.
In fact, with earned income credit...the government might pay you.