2007-12-27 12:47:55 · 5 answers · asked by Frederick S 1 in Business & Finance ➔ Taxes ➔ United States
No or if you want to have your boss pay you in cash and not pay taxes at all.
2007-12-27 12:51:01 · answer #1 · answered by Anonymous · 0⤊ 4⤋
It doesn't matter if you're a poker dealer. What matters is that you're making a living in the US.
If you get a W-2, your employer withholds taxes every payday, then it's up to him to send the money to the govt every three months.
If you get a 1099 instead, then it's your responsibility to pay "estimated taxes" every three months (There are specific dates the quarterly estimated taxes are due.)
When you file a 1040 in April, you can be subject to penalties for not withholding enough each quarter, even if you end up receiving a refund for the entire year.
2007-12-27 20:52:53 · answer #2 · answered by Anonymous · 1⤊ 0⤋
If you get different amounts in each check, you will need to file a quarterly estimated tax return and the estimated tax at that point. Be careful not to underestimate the amounts as there is a penalty for that. Check with the IRS to be sure.
2007-12-27 20:52:27 · answer #3 · answered by . 6 · 0⤊ 1⤋
Legally no, the US system is pay as you go. If you wait until April to pay, you can end up paying penalties for underwithholding.
2007-12-27 21:05:37 · answer #4 · answered by Judy 7 · 2⤊ 0⤋
You're only required to pay social security and medicare. So other than that, you can choose to have nothing withheld for federal or state taxes. Now, is that necessarily wise? I would say no. Unless you're an amazing saver.
2007-12-27 20:51:00 · answer #5 · answered by Gaildarling 1 · 0⤊ 3⤋