 Can I deduct improvements made to a house I sold in '06, and do I have to pay taxes on profits from the sale? |
| I sold my primary residence in 2006, for $125,000 and bought a new house for $205,000 in the same month. I used 75% of the profits from the sale ($30,000) as the down payment for the new place. My ... |
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 Is money gifted to my children taxable under the kiddie tax law? |
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 Do you have to file your taxes every year? |
I heard that there is a law that says we don't have to file our taxes every year as long as we don't go into the negative? Does anyone know?
Additional Details
Actually I did ... |
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| Just wondering if anyone got their check direct deposit today like they were suppose to ? The IRS site said mine was suppose to be today,may 16th, but it is not there ?? If you did get your today, ... |
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 When do W-2's have to be mailed out? |
It's the 31st, correct?
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 Can I avoid paying tax if I receive regular payments by cheque? |
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 Please tell me if this is true or not? |
| When i was at work today my boss told me that when Bush gave us those stimulus checks in 2008...when we do our taxes this yr..the IRS is taking it back...My boss also said that she called HR-Block..... |
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 Who here agrees with this new proposal for pay-as-you-trash? |
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 Do I have to have any dependants to file head of household? |
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 Can you file your federal tax return before your state return? |
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| I would like to know what " Statute" ( What law ) specifically requires that I pay taxes to the " IRS " -... |
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Jay T | I am a nanny and I get paid cash i was wondering how i claim that on my taxes.? |
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groverraj
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U just declare the cash earnings... easy! |
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doublemmusic
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you're a free agent. you will end up owing money. |
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bostonianinmo
 |
By definition a nanny works in the employer's home. As such, you are a household employee and your employer is REQUIRED to withhold Social Security and Medicare taxes from your pay, pay payroll taxes themselves, and give you a W-2 at the end of the year. Withholding of income taxes is optional if you both agree to it. You use your W-2 to prepare your tax return. If they did not withhold income taxes you will have to pay them when you file. If your total estimated tax liability is $1,000 or more, you must make quarterly estimated tax payments using Form 1040-ES.
Your employer needs to review IRS Pub 926 http://www.irs.gov/publications/p926/index.html and comply with the requirements. This is NOT optional on their part! |
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Judy1
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You'd report your income and allowable expenses on a schedule C or C-EZ, and also fill out a schedule SE to calculate your self-employment tax (social security and medicare). The numbers from the bottom of the two schedules will transfer to your form 1040. |
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maryjane.texas
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If the person paid you in cash, it is possible they have not reported it --and did not deduct nor pay in taxes. If they didn't deduct income tax or Social Security taxes on your pay, that will need to be paid. |
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Dog Lover 4EVER
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Well, you can ask the people you are working for to give you a receipt every time you get paid. That is what happened with my dad this year. |
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hrblock.laura
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If you make more than $400 you must file a Sch. C. When this form is completed the net income will carry to Sch. SE to figure the amount of Social Security and Medicare tax you must pay. You will also get an adjustment (a reduction) of your income for one half of the SS and Medicare tax that is figured from the Sch. SE.
The totals of these forms would then be carried to the appropriate lines of a Form 1040. When this form is completed correctly the appropriate amount of federal income tax you will owe will be calculated along with your Social Security and Medicare tax.
Also any other income would have to be included on the tax return. You could also qualify for certain other deductions and credits.
Addition:
Since your employer is hiring you as a household employee, they should be paying you as such. Therefore being required to withhold the above mentioned taxes on your behalf.
You mentioned you were being paid in cash, so the method I listed above would be used only in the case the employer did not pay you in the appropriate way.
Laura H – H&R Block – Senior Tax Advisor 5
**This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. |
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gregoryaritter
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Your employer should send you a 1099, if not then you are totally on your own. you must write down the wages you made in that year. You will be required to pay self employement taxes so you will start with form SE (self employment). |
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Simone L
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What you need to do is apply as self- employed.
ok hope i helped you. |
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budda3551
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you have to file a 1099 form... |
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