I'm looking for a job so I can report taxes and stuff, and I was wondering, since usually tutoring and child caring jobs get paid in cash, can I still report and pay taxes somehow? Thanks.
2007-08-12 19:24:03 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You are required, not just allowed, to report cash jobs on a tax return if they total over $400 a year.
You'll use a form 1040, a 1040 schedule C, and a form 1040 schedule SE.
2007-08-13 03:48:32 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Yes, you report your income using Schedule C or Schedule C-EZ. You will pay tax on the net earnings from your cash job.
If you do tutoring, that is one Schedule C. Babysitting separate from tutoring would be another Schedule C. Each different activity is a separate Schedule C.
2007-08-13 22:19:42 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
There are lots of Cash Only Jobs job which you do in your leisure time or part time also
they are real because i have been doing it myself....check this out....
http://www.jobdiagnosis.com/blog/top-5-cash-only-jobs/
2014-10-06 03:09:15 · answer #3 · answered by ? 2 · 0⤊ 0⤋
Yes, you are technically self-employed, and need to pay not only federal incomes taxes (and state income taxes if your state has one), but also FICA (social security and medicare). Instead of paying 7.65% on FICA, you need to pay 15.3% (employer + employee portions). "Self-employment tax".
2007-08-13 05:01:22 · answer #4 · answered by Anonymous · 1⤊ 0⤋