OK. im 17 i worked with my dad ( he have his own bussiness) so i just help him out. im a student. he pay me $85 cash for 3 times a week. So if i also gamble and win + my pay. and deposit about $400 a week to my bank. (i am a full time student). Will the bank dob me in to the government and report me?? or will tax people/government come to my house question me about where i get the money from??
Or should i just not deposit the money to my bank account and just spend it??
any advice is appreciated.
2007-07-06 05:33:08 · 4 answers · asked by petersmith 2 in Business & Finance ➔ Taxes ➔ United States
Just keep it in a safe place at home i hate banks
2007-07-06 05:36:47 · answer #1 · answered by Anonymous · 1⤊ 1⤋
$400 a week = $20,800 per year. That's WAY above the filing requirement amount for you, which is $5,350 for 2007 assuming that you are still a dependent.
You might get away without paying taxes for a while but sooner or later every tax cheat is caught out has to pay up. When that happens it's not at all uncommon for the final bill to be 3 or 4 times as much as it would have been if you had played by the rules in the first place. It's your financial funeral, bank or no bank. What the mortician will charge is up to you.
2007-07-06 13:32:09 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
First of all I think you are being a bit paranoid, but overall, the banks want your money. Most have privacy acts, that prevent a lot of things from being released. They don't want to question where you get your money, because if they did, you wouldn't put it in their bank. At your age, they are going to assume, it is just an allowance of sorts, even if it was tracked. But most of all, you have to look at the amount of money you are talking about. $400 dollars is nothing to a bank. Most people wouldn't even look twice at that. If you put in a million someone is going to want to know where you got that kind of cash. As your bank account grows, even if they looked at it, they would see that it has happened over time and that there is not a lump sum. If you want to be really paranoid, and they do come after you, it wouldn't be for money, it would be for not reporting. At your age, living with your parents and being their dependent, you owe the government nothing. I am 27 and make 13,000 dollars a year and they give me money back. They don't care until you are no longer a dependent and are making large sums of money.
2007-07-06 12:45:51 · answer #3 · answered by tammy p 5 · 0⤊ 1⤋
i dont think none these would happen. As long you didnt steal the money or sell drug to get it.
2007-07-06 12:38:24 · answer #4 · answered by laosboyz828 2 · 0⤊ 1⤋