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| *The Commerce Journal>>>United States Taxes |
As a poker dealer am I allowed to not withold taxes recieve my full check and pay all my taxes in april? |
As a poker dealer am I allowed to not withold taxes recieve my full check and pay all my taxes in april? No or if you want to have your boss pay you in cash and not pay taxes at all. You're only required to pay social security and medicare. So other than that, you can choose to have nothing withheld for federal or state taxes. Now, is that necessarily wise? I would say no. Unless you're an amazing saver. If you get different amounts in each check, you will need to file a quarterly estimated tax return and the estimated tax at that point. Be careful not to underestimate the amounts as there is a penalty for that. Check with the IRS to be sure. It doesn't matter if you're a poker dealer. What matters is that you're making a living in the US. Legally no, the US system is pay as you go. If you wait until April to pay, you can end up paying penalties for underwithholding. |
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They are supposed to claim the tips on their taxes, but since its mostly cash its easier to hide because there is no documented paper trail in most cases. ...Sole proprietor no. Partnership no. LLC filing as partnership, yes. S-Corp and C-Corp, yes. Also known as go read the instructions. ...yes ...For federal: If you meet all the tests, you may be able to claim your 17 year old as a qualifying CHILD (he lived with you most of the year and didn't support himself--the rules are differe... 29000 - 7850 -6800 = 14350 of taxable income. About $1600 in tax. So about $400 refund plus a teeny tiny bit of EIC. ...$14,100.62 x .052 = 733.23 733.23 + 14,100.62 = 14,833.85 The numbers above are pretty accurate now. I couldn't figure out the formula, I had to make a few educated guesses first, then ... Call IRS immediately at 1-800-829-1040. ...If you still have it, send it in to the address shown on the form. It should not delay any 2007 refund. ... |
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