 If someone wins a lottery or wins at gambling who is responsible for paying taxes? |
Additional Details
I have someone telling me that you can take your whole earnings as long as you dont cash it you can deal with your responsibility on paying taxes. I dont think he is ... |
|
 Once my husband and I receive our income tax check do we both have to endorce the check in order to cash it? |
| We filed joint taxes. We didn't qualify for electronic deposits. He was out of town when the tax center recieved the check. So I picked it up without him.... |
|
 I bought cigeretts from the Indian reservation in N>Y> and got a tax letter from the Pa revenue saying I owe |
| Pa tax of $13.56 on each carton that I got. Does anyone know anything about this or received a letter also?... |
|
 If you got your tax refund by direct deposit,was the money available right away or 1 or more days later? |
| I was told that my refund would be direct deposited in the bank account I picked by tomorrow. Will the money actually be available for me to use(withdrawal,transfer,etc.)? How long does direct ... |
|
 Is there a Income tax return form for unemployed people? |
| My friend has been required to file her taxes, even though she has no job. Her only source of income is a partial pension payment from her ex-husband from the military. She doesn't know how to ... |
|
 Why do I owe the IRS this year? This is the first time I had to pay the IRS money. I'm single. What gives. |
| It's not fair that single people pay more taxes..ughh. Just finished filing and I see I owe money...for the first time. What can I do to avoid this next year.... |
|
 I want to withdraw about $10,000 from my IRA. I'm not 59 yet. How much will be the tax liablity? I know it's |
10% tax which is $1000. But there is an additional taxable income. Does anybody know how much this amount is or how I can calculate this amount?
Additional Details
Sean1010, believe me I ... |
|
 What is "quid"? How much? |
| I remember getting a royaIty cheque months Iater after the record was out and it was Iike 50 quid or something.... |
|
| How can employee make employer stop taking too many taxes out and doesn't turn them in/deposit them to IRS? |
| VA Employer said they didn't have to turn anything in until Jan. and IRS says employee has nothing to do with anything that an employer does..but what happens if at the end of the year, the ... |
|
 Anyone got the stimulus yet? |
Mine came this morning just like i said, this is the deposit entry for my DD from the IRS.....
Date Time Description Amount
05/09/2008 01:52:51 ADD FUNDS
... |
|
 Has anyone received their "Stimulus Check" yet from the IRS. I am asking because I was reading online and |
| it says you should receive a letter prior to receiving your Stimulus check to let you know that you are receiving this. Has anyone received their letter yet? I have not thats why I am asking. BUT ... |
|
 I am in receipt of mail from national uk lottery where in it was informed thai i won a prize of 85000gbp and i |
| insisting for making payment of 356 gbp infavour of alban chambers for getting an affidavit from the high court of uk.can i proceed with this or ... |
|
 Where's My Stimulus Payment ... stop asking people READ THIS? |
I've seen several questions asking where is the website and when are you gettin get.
here is the IRS website.
www.irs.gov
~*~*~**~*~*~**~*~*~*~*~*~**~~*~*~*~**~...<... |
|
|  |
Filly | My friends boss doesn't want to put her on the books which means she doesn't have to pay tax .? |
this means she dosn't pay tax on the mony she is given. can she get in to trouble for this if the A.T.O find out?? |
 |
 
Camperdown T
|
I am an Australian answering your Australian tax question (why do so many non-Australian answer in this category???)
Your friend will not get in trouble as long as she declares the income in her tax return.
Your friend is legally obliged to declare the income in her tax return whether or not not the employer withholds PAYG and she must be assessed to pay tax on it with or without a PAYG withholding credit to offset against the gross tax levied on her taxable income.
The ATO are very busy cracking down on the cash economy and these days they have enormous funds and technology on their side. The ATO says to Treasury "For every $1 you give us we'll bring you back $3 in tax audit revenue" so they know it's a profitable venture to track you down.
How will they track you down? When they discover the boss who is evading his PAYG withholding obligations they will examine every book, email and scrap of paper to find out who his employees are and then they'll check the tax returns of those employees. So they'll reap in penalties and tax from both sources.
The penalties for not disclosing income not declared in a tax return BEFORE an audit are much less severe than AFTER the event. It's never too late to set things straight with an amended tax return and a humble admission
Remember - IGNORANCE of the tax law is NEVER AN EXCUSE and if you didn't do the return yourself you can't pass blame onto the tax agent who prepared your return because the tax agent relies on the info you give them and you signed that the info in the return is true and correct.
...when I write "you" I mean "your friend" - "you" was just faster to type :) |
|
fatdadslim
|
BIG<BIG<trouble |
|
rumpelstiltskin
|
This is a very serious criminal offence, especially if your friend does not disclose her income to the ATO. Those that do this sort of activity usually get caught ..... people can't keep quiet and someone will dobb them in.
Even your friend has been unable to keep quiet by telling you. The more the people tell or brag the more likely they get caught.
Penalties can be very high (fines, criminal conviction and even gaol). Is it worth it in the end? Penalties apply to both the employer and the employee.
In addition, your friend loses out on superannuation payments, work cover entitlements, holiday benefits, sickness benefits, none of which can be claimed because she ain't on the books entitlements for such. The avoidance of those alone usually amounts to around 20%+, so she better be getting paid a hell of a lot more to make it worthwhile. |
|
magpiez
|
How big is mount Everest....... thats about the amount of trouble that is headed your friends and bosses way.
The ATO can and believe me DOES find out about this kind of thing and your friend will have to pay back taxes,
interest and penalties and possibly a Jail term.
I suggest your friend thinks long and hard for two reason not the least is their own self interest becasue if they are not on the books, they will have no work cover insurance or super annuation (both are legal obligations designed to protect workers). The second is obviously the tax impact.
I have dealt with these characters before and not met one happy employee as it appears that people willing to behave in such an unlawful/antisocial way tend to treat their "off book" employees pretty shabilly and often the employees go running to the ATO becasue they havent been paid or are being ripped off.
I would reccomend yu contact the tax evasion line at the ATO and save yourself a lot of trouble. |
|
Jojo
 |
Yeah...she will be charged with tax evasion if the ATO find out and she will forced to pay taxes on monies earnt. The boss will also be charged. |
|
Spooky
|
Tell her not to accept the job,
Not only will she get into trouble if she was found out, she will also have no work cover if she has an accident at work.
There's jail time involved. |
|
Meg
|
It does not mean that she won't have to pay tax. Her boss may give her a 1099-Misc. income statement at year end, claiming money he gave her for work she did. If he does that, she may well owe self employment tax and income tax.
Your friends boss is keeping her "off the books" for his own benefit, not hers. This way he doesn't have to pay social security tax, medicare tax, unemployment insurance, disability insurance, employment education tax or pay someone else to formulate those calculations and issue a W2. Additionally, her boss is saving money on not paying workman's compensation for her and not having to offer benefits to her; if there is a benefit plan in place for employees.
If your friend is okay with the arrangement the boss has come up with, the boss may be in trouble if found out and your friend should ask him for alot more money an hour based on what $$ she is saving him by being "off the books".
PS..her employer's share of tax would be 7.6% to Social Security tax, 1.45% to Medicare tax, .06% to Disability Insurance, .08% and up for the first 7,000 of wage to Unemployment insurance and countless other savings by not having to hire a bookkeeper or payroll company to compute the amounts he'd owe and to pay them out of earnings.
She should ask for a raise and get it in writing. |
|
flingebunt
|
This is actually fairly common. The employer is going to get into more trouble than the employee. As an employee you can always say, but I signed the tax form, I don't know what happenned?
Jail time is not very likely for an individual in this position, but it could cause big problems if you are also collecting social security payouts while working.
The real problem is that this boss is simply the sort of person that likes to cheat people. He cheats the tax office, then he will cheat your friend. Generally I have found if someone wants to cheat on one thing, they want to cheat on everything.
The solution is actually simple. The employer puts her on the books, but pays he more than he declares. Then there is a record of the employment. |
|
Tink
|
Yes she can my love, the tax peeps will catch up with her and she will end up with a BIG BIG bill that she will have to pay!
I thinks its very shady that her boss doesn't want to put her through the books!!!! Also in my neck of the woods this would mean that National Insurance wasn't being paid either which effects state pension etc!!! |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 11 minutes(s) ago
| | | |
9 | 22 minutes(s) ago
| | | |
9 | 24 minutes(s) ago
| | | |
9 | 1 hour(s) ago
| | | |
8 | 6 hour(s) ago
| | | |
9 | 7 hour(s) ago
| | | |
9 | 9 hour(s) ago
| | | |
9 | 1 day(s) ago
| | | |
9 | 5 day(s) ago
| | | |
9 | 1 week(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
