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kathy_rivasvelez | My job doesn't tax me, I have 2 kids, I get paid bi-weekly $1000, will I have to pay taxes at the end of year? |
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RAG
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Are you an employee or contract labor?
I am very afraid of how much you are going to owe. But let us see:
I am assuming:
1. you have not had any social security or income taxes withheld from your paycheck.
2. you have not made any estimated tax payments to the IRS for your 2006 taxes.
Assuming the worst case, your profit from your contract labor would be approx. $26,000. I am assuming you have no deductible business expenses. You will owe 15.3% of your Sch C income or approximately $4,000.
You may qualify for various credits such as child care and the earned income credit. You will also be able to reduce your taxable income for exemptions for any of your dependents. You will also be able to take a standard deduction. There are so many unknowns and variables here it is impossible to estimate your possible income tax liabilities. Even if you owe more than you can pay, you might be able to work out a payment schedule or forgiveness of part of the balance.
I would suggest that you take all of your tax information to a free income tax service, VITA. VITA is the Volunteer Income Tax Assistance program. It is a free tax preparation service staffed by volunteers who are trained and supervised by the IRS. You can call your local IRS office for locations and hours. Let them review and prepare your federal income tax return. Discuss your job with them. Their is a form that they can prepare of the factors that differentiate between an employee and a contract laborer. If it looks like you were really an employee see below.
Take your pay check stubs and any information or contracts about your work to your local IRS Taxpayer Service office. They can help you to check this out. If you should have been treated as an employee, your employer could be held liable for half of your social security taxes. |
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RichManPoorMan
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does a bear you-know-what in the woods? yes you will !!
and you better pay in quarterly estimates or you will get hit with under payment penalties. if it is your "job" then they should be taking out the usual taxes. |
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bostonianinmo
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Probably. Start with 15.3% Self Employment tax on the net profit from your business activity and income taxes on top of that. That would be offset by the Earned Income Tax Credit
File Schedule C or C-EZ to account for the income and business expenses. File Schedule SE to calculate the Self Employment tax.
A very quick "cocktail napkin estimate" pegs your total tax liability around $4,740 if you had no business expenses to offset your gross income. That would be offset by the Earned Income Tax Credit, about $2,606 in your case, leaving you with a tax liability of around $2,134 to pay.
There could be penalties and interest on top of that for underpayment of taxes if you didn't make the required quarterly estimated tax payments using Form 1040ES.
These are ONLY very rough estimates of your tax situation. Your exact liability can't be determined without actually preparing your return. |
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ninasgramma
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If you are filing as Head of Household with two children under the age of 17, then no, you will not owe taxes at the end of the year as an employee.
Income: $26,000
Less standard deduction and three exemptions: $17,650
Taxable income: $8,350
Tax: Under $1,000
All of your tax disappears with the child tax credit.
You will get an Additional CTC of about $1,000, plus Earned Income Credit.
So no withholding is fine, as long as you have two dependent children under 17.
The standard deductions and exemptions will change slightly for 2007 but the result of owing no tax is still true. |
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Diaper Delivery Services
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Yes! I believe you will have to pay taxes but depends on the state! |
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Judy1
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If they aren't withholding taxes, it sounds like you are working as an independent contractor, or else "under the table". If you're working as an independent contractor, you'll get a 1099 at the end of the year showing what you were paid, and the amount will also be reported to the IRS. If you're working "under the table" and it's not going to be reported, then both you and the employer are doing something illegal by paying you that way.
With income of $26,000 for the year, and two kids, you might not owe any income tax, but would still owe self-employment tax of 15.3%. |
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pnk517
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Only you can answer that. Are you tax exempt for some reason?
If they are not withholding taxes, then there must be a reason. Are you an independant contractor? This would also explain not taking out taxes.
More than likely however, you will owe taxes. Speak with a professional to help you. |
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shorty
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Of course you do. What your employer is doing is paying you under the table. Both of you could be fined for this type of payment. |
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lorraine
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Depends on whether your employer is reporting the payments made to you. The employer may consider you a subcontactor. If you have received a statement (called a 1099 form) from your employer with the amount you made this past year you are liable for the taxes. |
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r_kav
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Yes (in most cases), so you better tell them to withold tax, or make estimated payments, so you wont also pay an underpayment penalty. |
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trer
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Yes you will pay. Are you an independent contractor? You'll probably have to fill out 1099. Since you have 2 kids who you can claim as dependents, you'll probably save some money. However, the IRS wants its money PER paycheck! |
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puchymaria
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You sure will! Why would they hold taxes on you? That is against the law UNLESS you are an independent contractor which I don't think you are. If they don;t hold any income taxes on you, the probably aren't holding any Social Security either nor paying the SS part employers have to.
Both you and your employer could get into serious trouble with the IRS if you don;t get this straight soon. |
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cocobrat
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Yup you will have to pay. Only way you are exempt really is if you are a student.. Even if you are an independant contractor if you make over $600 you have to report it to the IRS. Are you getting paid legally or under the table? Thats the only reason I can think of why your job wouldnt be taking out taxes/ |
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J.D. B
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You will have to do something at the beginning of the year. Since you have two childred, though, it probably won't be thawt much. |
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Michael
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2,000 a month x 12 months = 24,000 a year.
24,000 less 7500 (Standard Deduction, head of household, not married) less 9,900 (3 exemptions, you and two kids) = 6,600 Taxable income X 10% tax rate =$660 tax which is eliminated by the child tax credit. Also, you will receive EIC and additional child tax credit.
Therefore, no!!! You should not pay taxes!!! File your taxes to get free money. Oh-Yeah!!!! |
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kermit
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Yes, you will owe tax. A good choice for you to do would be to go to or call the social security office, get the form from them for self-employed people...I believe it is computed quarterly....otherwise it is really going to stack up and someone is not going to have fun come tax season. Keep very good records. |
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