um i make alot of money under the table and i dont pay taxes on that but my question is whats the deal when i make over $3000 at the lobster restauraunt i work at, because if im gonna have to pay taxes ill quit at like 2800$
2007-07-10 10:35:26 · 4 answers · asked by gunnar s 3 in Business & Finance ➔ Taxes ➔ United States
the pay at the restauraunt is not under the table im just saying i make about $7000 besides that
2007-07-10 10:44:17 · update #1
I am going to assume that your parent(s) claim you as a dependent. You have a standard deduction of $5,350 in 2007. Any wages or tips you earn over that amount will be taxed.
If you are not a dependent on another person's return, the maximum you can earn in 2007 and not be subject to income tax is $8,750.
2007-07-10 13:58:00 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
Uh, if it's under the table, technically the government doesn't know how much you're making whether it be $30 dollars or $3000. Legally you are supposed to report this and pay taxes yourself but if you don't then you won't have to even if it were like $30,000. If it is being done legally, I believe the amount where you have to pay taxes on may start at a lot lower than $3000. Go to the IRS website and check for FAQs or something where it has "Do I have to pay taxes?" and it should tell you the minimum amount where you have to start filing.
2007-07-10 10:40:27 · answer #2 · answered by IAskUAnswer 6 · 0⤊ 0⤋
By taking pay under the table and not reporting it and paying the proper taxes, you are setting yourself up for MAJOR trouble if and when you get caught. Not a smart thing to do!
2007-07-10 10:56:52 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
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2016-11-08 22:53:33 · answer #4 · answered by gracely 4 · 0⤊ 0⤋