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JEAN PIERRE M | How do you go about stating your own income on taxes. i work under the table.? |
i would like to have something to bring to, say a dealership or something. am i going to owe a bunch of money when i go to say H & R Block
Additional Details
i guess i worded it wrong. i dont have an employer, i work for myself. independent contractor and i own my own small business, which i do quarterly and hardly make any money on, not even worth filing, but i will. but i would like to apply for a loan. plus i will be refinancing with my bf, so id like to have documentation., i guess i was wondering. say i made 20,000 in the year. should i expect to owe say 28% when i file? |
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Michael R
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Yes you will owe a lot of money. Like the first guy said, you will have to pay income tax and self employment tax to the federal and state government.
Why does your employer pay you under the table? Most likely because he wants to avoid paying taxes on money he pays you. Social Security tax is about 12% you pay 6.2% and your employer pays another 6.2%. Claiming you work for him under the table will most likely cause him to get fined by the IRS for not paying his part of taxes. If you are in a right to work state as in you don't need a reason to fire someone then you might lose your job because you were a minute late or simply waste to much paper.
What we learn from this... Find an employer that is honest. |
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PepsiLime
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If you work under the table, you're going to owe a bunch of money no matter who you go to. Self-employment tax on top of your regular income tax, and state income tax as well. |
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Mathew
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Those that work in some sort of environment in which the income is not reported in any of the normal ways, doing business and filing taxes is difficult. If you go for a loan you have no way to prove that you have the income necessary to support a loan. This is certainly true if you have not taken advantage of the opportunity to pay taxes on that income. If you do wish to dawn into the real world, there are a couple of things that you can do. Since most of your income may come from sources that pay in cash there is no natural record of those payments. You can establish one by developing a book keeping system and making regular deposits in a bank that reflect the amounts reported in your books. Along the way you should also record the expenses that you had in regard to the activity that produces the cash income. At the end of the year you produce a income and expense report to support you IRS Form 1040, Schedule C tax return. Now you have support of your income to apply for a loan. One down side of this is that you may have had to pay income tax and/or some Self Employment Tax. That may be a new experience for a "under the table" income earner. Welcome to the world in which the rest of us live in. Along the way you may wish to review your "under the table" status. If you are woring for an employer that is paying "under the table" you are getting ripped off. You should consider filling an SS 8 with the IRS to have some of your SE Tax paid by the employer. However you should also consider a new job. If you are truely "Self Employed" under the table you are walking a dangerous path. |
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nealeclark
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H&R Block charges by the form, so sometimes people with self employment income can pay a higher fee at HRB.
But the main problem with working under the table is that you need to keep everyone happy. That is, everyone who knows about our "income". All it takes is someone to get pi$$ed off with you. Then they call the IRS and open a "can of worms".
What you need to do is find a good tax advisor and listen to what they tell you. |
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wartz
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If you are working under the table your employer is cheating you and the government both. Eventually it will come back to haunt you.
Some employers try to get around paying employment taxes (social security and unemployment) and other employee benefits like workers compensation insurance by improperly classifying employees as independent contractors. The basic issue is the amount of control the employer has over the worker. If you are required to show up for work--personally--at a particular time, punch the clock, use the employer’s equipment and are paid an hourly rate, or another set rate based on time served, you are an employee. If you didn't understand the difference when you posed your question, I would be even more convinced that you are an employee. What is your preference, Slotted or Phillips? Complete an IRS Form SS-8 to get an official ruling on your status. This will help you get unemployment if you get fired. When you file your income tax return, you can attach Form 8919 Uncollected Social Security and Medicare Tax on Wages and only pay the employee's half of social security. You will still have to cough up all the income tax. IRS and the states are stepping up enforcement in this abuse area. |
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Judy1
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You do your tax form from your own records of what you made, and of any associated deductible expenses if you have any.
You'll almost surely owe money, unless you have a child or two and qualify for EIC. How much you will owe depends on how much you made. If you'll add that info to your question, and also whether you have kids living with you and how many and how old, and whether or not you are married, somebody can give you an estimate. |
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taxreff
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PepsiLim is correct about the income tax plus the self employment tax. Lucee is mixing the taxes together, as SE tax is to pay into social security.
That being said, you should bring your business records into your tax return preparer. As a self-employed person, you should avoid storefront tax preparation firms. You will save money in tax prep fees if your business records are summarized, rather than bringing in a box full of loose receipts. |
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Brian J
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See IRS Publication 17 (Your Federal Income Tax) Chapter 5 (Wages, Salaries, and Other Earnings) and Chapter 12 (Other Income) for information on how to state different types of income.
They even cover unusual income sources such as: Bribes, Illegal income, Kickbacks, Rewards, Stolen property, etc.
If you haven't made estimated payments, yes, you'll probably owe something. |
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GreatHomes&Loans
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Yes, you are. Usually self-employed people have to pay quarterly taxes and if you don't you will most likely pay penalties and interest. You also need to pay self-employment taxes. H&R Block will charge you by the form and you will probably end up paying more for your tax preparation services.
Since you are self-employed get all your written business travel records and receipts in order before you file your taxes. Do you have any business expenses? Get those receipts together and take your profit and loss statement to your tax preparer and all your receipts.
I agree with the above. All you need is one person to get upset with you and he/she can call the IRS and report that you are getting paid cash and you're done. You need to file your income taxes and find a new job. |
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lucee
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The previous answer said you have to pay SE tax, regular income tax, etc., etc. You don't. You pay only self-employment tax, which is high, but you also pay the Social Security and Medicare taxes you would have paid if you had not been self-employed. Either way, you will owe taxes. You can go to H&R Block and be ripped off, or you can find a local tax person who will work with you. Again, either way, you'll pay for the privilege of "working under the table." |
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