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I give free liquor to people | I got my first paycheck and the company did not do any tax processing? |
i have 40 hours per week , they gave me 40X(hourly rate) to my paycheck
they did not cut any state or federal tax, will this be a problem for me>???
can i pay the taxes later???
this is my first job and i dont have any idea about taxes
Additional Details
I joined as a contractor to the company and it is a small company and when i joined on my first day i filled out W9 form
please give more details |
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gosam777
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They are suppose to withhold. No, you are not in any trouble. Just enjoy it. Next year just figure your taxes. If you owe (which is doubtful), file and send in payment on April 15th. If you have a refund, file immediately at that time. In the mean time, just ask the company payroll person. You didn't sign on as an independent contractor did you? That is a completely different situation.
The main thing is to determine if they why they didn't deduct from your pay for your social security, and if they contributed their portion. |
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matt/ college student
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You will have to pay taxes on your income. When you file your return at the end of the year you will just owe all your taxes then. |
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Jss
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You have F1 visa. Your income is not subject to Social security and Medicare taxes. It is subject to income taxes. You must file non-resident tax return.
To any on F1/CPT/OPT it does not matter if you get paid as regular employee (W2 wages) or as independent contractor (1099-misc).
How you will treat the 1099-Misc income, read: http://taxipay.blogspot.com/2008/03/w2-or-1099-employee-or-independent.html
Also read about nonresident tax filing: http://taxipay.blogspot.com/2008/03/us-tax-filing-requirements-for-non.html |
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gracefull
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Go into your human resources department and ask them to explain your pay check to you, so that you understand. or go to accounting.
It's a whole lot less trouble having someone else take out...that way you never think about it.
You can also ask..if it is large company how they can take more money out for taxes...if you would like a "forced savings" so that you know you will get something back after taxes. |
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Judy1
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They are basically stealing from you by treating you as an independent contractor rather than an employee, which you most likely are. Do they set your hours of work and where you work? You are an employee. If they just give you a project and general outline of what they expect, and you turn it in at the end of the summer and it's your choice as to when and where you work on it, then you are truly an independent contractor legally.
And you DO pay social security and medicare on this - you don't pay it if you are working FOR YOUR SCHOOL, but otherwise you do - being a student or intern doesn't get you out of that. And as a contractor you'll pay not only your own share, but the employer's share also. The "health tax" is for medicare and has nothing to do with your health coverage through your university.
All that said, if you protest this now they'll very possibly decide they don't need you working for them. You could wait until the internship is over, then file form SS-8 with the IRS and ask for a determination of your status. Or you can just do nothing, and pay a lot more tax than you are supposed to.
In any case, if nothing is withheld, you are likely to have a big tax bill to pay when you file your tax return early next year. |
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stephenweinstein
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It is not a paycheck and you do not have an employer. A paycheck is given to an employee (W-4/W-2). A contractor (W-9/1099) is technically a one-person business. An employer has employees. A business using a contractor is a client or customer of the contractor's business.
Your check is a payment from your "client" or "customer" to your "business" of its fee.
Clients and customers do not do taxes for their contractors. Avoiding taxes is one of the reasons that they do not become employers and hire employees.
You are required to send the IRS (a U.S. government agency) estimated income tax and self-employment tax four times per year. Download Form 1040-ES from http://www.irs.gov to calculate the amounts and see the due dates. Be sure to include both the income tax and the self-employment tax. You are also required to send the IRS a more lengthy Form 1040 with various "schedules" (additional forms) once per year. This is due April 15. |
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v b
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As a student, it's HIGHLY unlikely that you met the criteria to be an independent contractor--"internship" = supervision.
The payer is cheating you and the government by not doing this properly. If you are an international student (and in the US less than 5 years, you are a non-resident) and if they pay you on a 1099 basis, they are required to withhold 30% of your pay. If you are a US citizen or resident alien, you WERE subject to fica/mc.
By having you pay the taxes, they are offloading their tax obligations onto you. Expect to pay 15.3% for fica/mc and income tax. |
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El pappi ♂
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Sounds like someone is going to pay taxes at the end of the Year cycle! I would demand that you get your taxes Fixed out of your paycheck! |
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David P
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Are you being paid as a company employee (W2) or self employed contractor (1099)? Did you filled out a W4 withholding form when you started?
You should have filled out a withholding form when you started and the company should be holding federal and local taxes. You will need to file an estimated withholding with federal and local governments on a quarterly basis, otherwise. Ask your employer what the deal is. |
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