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Posted on 7/31/22 at 10:08 pm to barbapapa
"Effect" is both a noun and a verb.
Posted on 8/1/22 at 8:26 am to Zachary
That’s true but not how he used it
Posted on 8/1/22 at 10:04 am to makersmark1
quote:
She would not pass the tests for independent contractor.
You were here only client.
The work had to be done when and where you wanted it done.
Sounds like he made her an employee like a maid or nanny.
Posted on 8/1/22 at 2:18 pm to GAFF
I hope to leave all my nieces and nephews a 1099 for Christmas.
This post was edited on 8/1/22 at 3:27 pm
Posted on 8/1/22 at 3:06 pm to GAFF
This is the current max income with no taxes. I was surprised when looking it up for my step-daughter who has her own little internet store.
https://www.freshbooks.com › hub › taxes › how-much-money-do-you-have-to-make-to-not-pay-taxes
How Much Money Do You Have to Make to Not Pay Taxes?
For example, in the year 2021, the maximum earning before paying taxes for a single person under the age of 65 was $12,400. If your income is below the threshold ...
https://duckduckgo.com/?q=maximum+income+without+paying+taxes&hps=1&atb=v314-1&ia=web
Posted on 8/1/22 at 4:56 pm to Auburn1968
quote:
Auburn1968
That was my exact thinking when I filed it. I paid her $x.xx amount of money, she’s below the income threshold, all is good. Then people bashed me like I was an a-hole on here.
Someone mentioned SS Tax and Medicare. My question was if I did send her a 1099 and she’s below the income threshold who is responsible for it? I would be treating her as a contractor not an employee. She’s under the threshold. I’m not responsible for her paying taxes on the income and she doesn’t have to pay according to the IRS.
As I stated previously, I’m not a tax guru so if my thinking is wrong (more than likely) I apologize.
Then I was told there’s a difference between income and self employment income. Income is $12,500 and SE income is only like $500.
This post was edited on 8/1/22 at 5:27 pm
Posted on 8/1/22 at 4:58 pm to GAFF
quote:
It’s was in regards to her filing for financial aid.
hope the $2,500 in wages the government now knows about doesn’t exclude her from any aid programs This post was edited on 8/1/22 at 5:30 pm
Posted on 8/1/22 at 5:12 pm to GAFF
quote:She will have to report the income on a schedule C. Have her create a mileage log and write down the dates she babysat and the distances she had to drive. she can at least chip away at the liability. Add in some meals and entertainment and maybe a percentage of her phone bill that was dedicated for her "babysitting business". Best grey area advice i can do for you.
Does she need to file a 1040 and show the $2500? Is it another form for self employment? Any other options besides her filing?
Next time, dont be a cheap arse and ask an accountant to file for you.
Posted on 8/1/22 at 5:14 pm to GAFF
quote:Just stop man. This is why you ask an accountant and not wing it based on limited knowledge of the tax law. If she had w-2 wages and was under the income threshold, you still would file for her so she would receive all the fed and state taxes she paid back. You dont get to OPT out of social security and medicare tax. You should know that
That was my exact thinking when I filed it. I paid her $x.xx amount of money, she’s below the income threshold, all is good. Then people bashed me like I was an a-hole on here.
Someone mentioned SS Tax and Medicare. My question is if I did send her a 1099 and she’s below the income threshold who is responsible for it? I would be treating her as a contractor not an employee. She’s under the threshold. I’m not responsible for her paying taxes on the income and she doesn’t have to pay according to the IRS.
Posted on 8/1/22 at 5:26 pm to GAFF
This might be the best thread ever
Posted on 8/1/22 at 5:39 pm to ChexMix
quote:
Just stop man. If she had w-2 wages and was under the income threshold, you still would file for her so she would receive all the fed and state taxes she paid back. You dont get to OPT out of social security and medicare tax. You should know that
Hey bro, eat a dick. Obviously I didn’t know that or I wouldn’t have done it.
quote:
This is why you ask an accountant and not wing it based on limited knowledge of the tax law.
Is what I did illegal? No. Is it shitty? If I did it knowingly, yes. As I stated before I didn’t realize there was a difference in income and self employment income. Also, as I’ve stated before, if any kind of audit comes from this I will pay those for my niece. Let it go man.
Posted on 8/1/22 at 6:08 pm to GAFF
This really should be a Curb Your Enthusiasm episode.
Larry hands out 1099s at New Years Party for all the cash work he's paid for during the year...
His secretary's 19 yr old kid for mowing his lawn during the summer that causes him to be federally investigated and audited. He ends up having to drop out of school to pay off the fines...but has to have money to live...and becomes a full time yard boy. Forever an indentured servant to Larry's yard.
Larry hands out 1099s at New Years Party for all the cash work he's paid for during the year...
His secretary's 19 yr old kid for mowing his lawn during the summer that causes him to be federally investigated and audited. He ends up having to drop out of school to pay off the fines...but has to have money to live...and becomes a full time yard boy. Forever an indentured servant to Larry's yard.
Posted on 8/1/22 at 6:15 pm to GAFF
quote:
Money Talk
quote:
Hey bro, eat a dick.
Posted on 8/1/22 at 6:38 pm to GAFF
So what was the answer after all this??
How does he:
A. Pay his niece to babysit
B. Claim childcare credits on taxes
C. Not screw over his niece in the process
What answer fulfills all three at once?
How does he:
A. Pay his niece to babysit
B. Claim childcare credits on taxes
C. Not screw over his niece in the process
What answer fulfills all three at once?
Posted on 8/1/22 at 6:48 pm to Zzyzx
quote:
How does he:
A. Pay his niece to babysit
B. Claim childcare credits on taxes
C. Not screw over his niece in the process
He isn't really screwing over the niece. Just making her pay her fair share, however, most parents just bite the bullet and let the kid have the income without reporting the expense. What he did isn't wrong. It's just unfortunate because its his relative. If the sitter were unrelated he would be acting responsibly.
Posted on 8/1/22 at 6:51 pm to GAFF
quote:You should add an E to the end
GAFF
Posted on 8/1/22 at 7:32 pm to GAFF
It was shitty dude, just own up that it was shitty and drop the "if"
Posted on 5/19/23 at 1:53 pm to GAFF
Late bump
Saw this in my screenshots.
We need an update....
Saw this in my screenshots.
We need an update....
Posted on 5/19/23 at 2:08 pm to 21JumpStreet
quote:
Damn, you suck
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