i have a job in the city, my problem is im off the books and no sss deduction and taxes at all... can i pay my own sss? how?....Thanks!
2007-09-26 04:04:43 · 7 answers · asked by mm 2 in Business & Finance ➔ Taxes ➔ United States
how to do it monthly?should i first fill out W2 form and send it before paying my sss?thanks!
2007-09-26 04:30:09 · update #1
The best thing for you is to quit the job and get a job where you are paid by check. By working off the books you are inviting problems.
You will be treated as a self-employed person or an independent contractor. You must file return if your income is $400 or more. You will file form 1040. Also schedule C (form 1040) where you will report your income and expenses. Your net income is subject to self employment taxes at 15.3% (twice at compared to a W2 employee). For this you will file schedule SE (form 1040).
You cann't use form W2. A regular employee receives W2 from his employer.
2007-09-26 07:00:51 · answer #1 · answered by MukatA 6 · 0⤊ 0⤋
You not only can, you are required to. You'd fill out a form 1040, a schedule C and a schedule SE at the end of the year, using your own records to determine your amount of income. You should file a form 1040ES quarterly, and send in a check for the amount of tax that you expect you'll owe on what you make that quarter.
Of course, a simpler way might just be to find a legal job instead of this "off the books" one.
2007-09-27 00:16:31 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Off the books? Why does this not pass the smell test? Is your employer cheating you and other workers? Are you doing a job where you should be paid wages subject to withholding or do you truly operate independently? If you get hurt on the job, will you be covered by workers compensation? If you lose your job, will you be entitled to unemployment? Somewhere along the line, off the books is going to turn into off the cliff.
2007-09-26 12:14:55 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Unfortunately, you're going to have to file as self-employed since you won't have either a W2 or a 1099 to verify your income. And you must pay taxes and SS at least quarterly or you will be penalized by the IRS.
2007-09-26 11:11:17 · answer #4 · answered by mommanuke 7 · 1⤊ 0⤋
Yes you definitely can. You can either do monthly or quarterly payments during the year or you can just do it along with your tax return at the end of the year.
2007-09-26 11:09:09 · answer #5 · answered by fasb123r 4 · 0⤊ 0⤋
Yes you can if you are considered a contract labor/1099 employee. It is actually required by law. Go to www.irs.gov and it will tell you everything you need to know about being a contract labor employee.
2007-09-26 11:12:52 · answer #6 · answered by saved_by_grace 7 · 1⤊ 0⤋
best answer
2007-09-29 15:21:16 · answer #7 · answered by mr fugi 6 · 0⤊ 1⤋