|
|
| *The Commerce Journal>>>Other Taxes |
Taking out taxes? |
How much taxes do I take out of a personal check. I get paid for taking care of my dad. The check is $200.00 a week. If you and your dad want to treat it as a gift, you can get up to $12,000 per year from him. If you want to report it as income, and pay taxes on it, you'd have to pay federal sand state tax at your regular tax rate, and also self-employment (SE) tax on 15.3% of 92.35% of net self-employment income. Since the total is less than $12,000 per year you may consider it a gift. Is this your only source of income? If you work and earn wages from another employer you will be responsible for additional taxes. Also, who "cuts the check"? Is a 1099 filed? This is important because you will be required to file taxes at the end of the year. A 1099 should be filed for services as an independent contractor. You may want to add some additional details to your question to answer it properly. That would depend on your filing status, number of dependents and other income. It is possible that your father really means this to be a gift. If that is the case you would owe zero tax on that amount. |
| Tags |
| Boston Austin Atlanta Other - Business & Finance Other Taxes United States Taxes United Kingdom Taxes Spain Taxes Singapore Taxes Mexico Taxes Ireland Taxes |
| Related information |
Who's name and social security number are the bonds in? If your daughter's name it would be at her tax rate, unless she is under age 18 and has more than $1,400 in unearned income, t... Haha! Good idea! The falt tax needs to happen, 20% of what you make every year, no deductions would def. payoff in America! But the reason for people wanting to tax what you mentioned is bec... Yes, they are deductible in the current year. The only thing about restructuring costs that is different than normal expenses, is that they would be shown as a separate line item on a financ... Sure, once you become a US citizen, you have to pay taxes to the IRS on your worldwide income, no matter where you live, unless you give up your citizenship. You can get a credit (either ful... You can do it yourself using a Quit Claim Deed and file it at the county. However, it is very cost effective to use a title agent or RE attorney. If you live in the home, and you are bei... if your corporation is due or ends like mine in march31 with three months to file. but if yours started in Jan. you can't change it. P.S. your tax person can file delayed return for a ... Don't know if you itemize, or what the age of your child is, but here's ballpark estimate. Gross income 37,229 Standard Deduction - MFJ ... About the only way that anything would work, was if you were physically unable to file the 2003 within the 3 year deadline (you were in a coma, you were held hostage). Saying that you didn&#... |
Commerce Categories--Copyright/IP Policy--Contact Webmaster |