or to re -phrase amount of money you can make before you have to fill out a w2 form?
2007-06-30 19:38:52 · 5 answers · asked by Makaveli Tha Don - G.O.A.T 1 in Business & Finance ➔ Taxes ➔ United States
Where do I start?
First, if your working for someone else you will never file a W-2 unless your a bookkeeper or an accountant. I think you mean a W-4, which is a form that tells the employer how much to withhold from your paycheck.
Next, if you make more than $600 a year the company is supposed to issue a 1099 if you aren't an employee. However, if you are an employee it starts when you are hired and then the amount doesn't matter.
I've been a tax accountant for almost twenty years and I hear this question a lot. There is no legal amount of income that you don't have to report on your tax return (assuming it is more than 49 cents).
There is no such thing as legally working under the table. If you make more than $400 a year as a contractor (under the table) you are liable for self employment taxes in addition to normal taxes...and that is 15.3%.
2007-06-30 20:25:17 · answer #1 · answered by Russ B 6 · 1⤊ 0⤋
no, you should receive a w2 no matter how much money you made, as long as you filled out a w4 when you started working. If you did not, then your former employer should give you a 1099 form, either way you should get some documentation by 2/15/08. by the way... 1099 forms are given to workers and vendors (service personnel) earning over $600 in the entire year.
2016-05-20 00:15:18 · answer #2 · answered by ? 3 · 0⤊ 0⤋
$0
YOU will never fill out a W-2 form unless you are the employer or the payroll clerk.
YOU will fill out a Form W-4 when you start any job. If you don't, they will withhold taxes from your pay as if you had filed Single and 0 withholding allowances.
2007-06-30 22:05:27 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Making money "under the table" is illegal. You should report any illegal income on line 21 of IRS Form 1040. W-2 forms are rarely issued for illegal earnings.
2007-07-01 04:26:02 · answer #4 · answered by ? 6 · 0⤊ 0⤋
You don't fill out a W-2 form. An employer gives you one at the end of the year showing your income and withholding.
The most you can make in cash per year before you are required to file taxes on it is $399. That's net earnings, after subtracting any associated allowable expenses of earning the money.
2007-06-30 19:45:57 · answer #5 · answered by Judy 7 · 0⤊ 1⤋