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Offlinekoods
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Re: Can you legally ask your employer to be paid in cash? [Re: Crazy_Horse]
    #23948720 - 12/22/16 10:34 AM (7 years, 1 month ago)

If you underestimate your tax withholding you will be fined

Quote:

The United States income tax system is a pay-as-you-go tax system, which means that you must pay income tax as you earn or receive your income during the year. You can do this either through withholding or by making estimated tax payments. If you do not pay your tax or you pay an insufficient amount of tax through withholding, you might also have to pay estimated taxes. If you did not pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and estimated tax payments, or if they paid at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller. There are special rules for farmers and fishermen, certain household employers and certain higher income taxpayers. For more information, refer to Publication 505, Tax Withholding and Estimated Tax.




Quote:

Crazy_Horse said:
Quote:

CHeifM4sterDiezL said:
cant u like claim no withholdings or whatever? Some people dont like giving the gov free loans :shrug:




Some people are required to prepay taxes.




Read above You don't owe tax once a year. You technically owe taxes every time you are paid for something.


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NotSheekle said
“if I believed she was 16 I would become unattracted to her”


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OfflineCHeifM4sterDiezL
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Registered: 07/28/10
Posts: 22,546
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Re: Can you legally ask your employer to be paid in cash? [Re: koods]
    #23948730 - 12/22/16 10:37 AM (7 years, 1 month ago)

Taxes are fucking stupid thats not how it works u square up at the end of the tax year they jus wanna hold ur money dewd:facepalm:


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Offlinekoods
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Re: Can you legally ask your employer to be paid in cash? [Re: Prisoner#1]
    #23948731 - 12/22/16 10:38 AM (7 years, 1 month ago)

Quote:

Prisoner#1 said:
Quote:

koods said:
Quote:

Prisoner#1 said:
if you're being paid in cash it typically means you're not having taxes taken out,
come tax time you'll be paying those taxes out of pocket



lol Wut. It's illegal for your employer to not take out a withholding, and if for some reason they don't it would be illegal for you not to pay estimated tax every quarter (maybe every months not sure)





um no.

1099, an employer leaves you responsible for all your tax liabilities because he hired you as a contractor




Then you're not an employee. You are not an employee if you receive a 1099. By IRS definition, an employee must have estimated tax payments withheld.


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NotSheekle said
“if I believed she was 16 I would become unattracted to her”


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Offlinekoods
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Re: Can you legally ask your employer to be paid in cash? [Re: CHeifM4sterDiezL]
    #23948733 - 12/22/16 10:39 AM (7 years, 1 month ago)

Quote:

CHeifM4sterDiezL said:
Taxes are fucking stupid thats not how it works u square up at the end of the tax year they jus wanna hold ur money dewd:facepalm:




You're arguing with the IRS? I quoted directly from the IRS website.


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NotSheekle said
“if I believed she was 16 I would become unattracted to her”


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OfflinePatlal
You ask too many questions
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Registered: 10/09/10
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Re: Can you legally ask your employer to be paid in cash? [Re: koods]
    #23948734 - 12/22/16 10:40 AM (7 years, 1 month ago)

You know. I somehow it doesn't make sense to me that you owe tax immediately upon earning your paycheck cause I'm sure you can just file it at the end of the year. At least in Canada. You have a paper before you start all your jobs asking you how the company will mange you deductions.

Then again. I'm not 100% about this and I really don't feel like doing a search on our poorly designed government websites...


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InvisibleCrazy_Horse
I’m Rick James, bitch!
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Registered: 08/15/16
Posts: 13,284
Loc: Hampsterdam
Re: Can you legally ask your employer to be paid in cash? [Re: koods]
    #23948736 - 12/22/16 10:41 AM (7 years, 1 month ago)

OP has to pay in maple syrup.


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Offlinekoods
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Re: Can you legally ask your employer to be paid in cash? [Re: Patlal]
    #23948742 - 12/22/16 10:42 AM (7 years, 1 month ago)

Quote:

Patlal said:
You know. I somehow it doesn't make sense to me that you owe tax immediately upon earning your paycheck cause I'm sure you can just file it at the end of the year. At least in Canada. You have a paper before you start all your jobs asking you how the company will mange you deductions.

Then again. I'm not 100% about this and I really don't feel like doing a search on our poorly designed government websites...





I'd you are an employee you have your estimated tax withheld. If you are self
Employeed or receive other payments as a contractor, you must file and submit estimates tax either quarterly or monthly depending in how much money you will owe.


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NotSheekle said
“if I believed she was 16 I would become unattracted to her”


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InvisibleCrazy_Horse
I’m Rick James, bitch!
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Registered: 08/15/16
Posts: 13,284
Loc: Hampsterdam
Re: Can you legally ask your employer to be paid in cash? [Re: Crazy_Horse]
    #23948744 - 12/22/16 10:43 AM (7 years, 1 month ago)

I have accountants pay for it all.


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InvisibleCookieCrumbsM
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Re: Can you legally ask your employer to be paid in cash? [Re: koods]
    #23948750 - 12/22/16 10:45 AM (7 years, 1 month ago)

Depends on how much you make and what sort of licence you hold too.

Taxes are stupidly complicated.


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          :dancingbear: Free time is the only time :dancingbear:                    :thatsinteresting:


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Offlinekoods
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Re: Can you legally ask your employer to be paid in cash? [Re: CookieCrumbs]
    #23948755 - 12/22/16 10:46 AM (7 years, 1 month ago)

Estimated tax payment schedule

April 18, 2016
June 15, 2016
Sept. 15, 2016
Jan. 17, 2017*
.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


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NotSheekle said
“if I believed she was 16 I would become unattracted to her”


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InvisibleCookieCrumbsM
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Registered: 12/10/11
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Re: Can you legally ask your employer to be paid in cash? [Re: Crazy_Horse]
    #23948756 - 12/22/16 10:46 AM (7 years, 1 month ago)

Quote:

Crazy_Horse said:
I have accountants pay for it all.




Do you go to parties sometimes until 4? cuz it's hard to leave when you can't find the door...?


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          :dancingbear: Free time is the only time :dancingbear:                    :thatsinteresting:


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OfflinePatlal
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Re: Can you legally ask your employer to be paid in cash? [Re: CookieCrumbs]
    #23948761 - 12/22/16 10:49 AM (7 years, 1 month ago)

Taxes always complicate everything...


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InvisibleCookieCrumbsM
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Re: Can you legally ask your employer to be paid in cash? [Re: koods]
    #23948762 - 12/22/16 10:49 AM (7 years, 1 month ago)

Quote:

koods said:
Estimated tax payment schedule

April 18, 2016
June 15, 2016
Sept. 15, 2016
Jan. 17, 2017*
.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .




Again it depends. There are multiple contractors licences. Some of the lower brackets don't have to pay quarterly.

Least this is what I understand from talking with contractors.


--------------------
          :dancingbear: Free time is the only time :dancingbear:                    :thatsinteresting:


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OfflineCHeifM4sterDiezL
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Registered: 07/28/10
Posts: 22,546
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Re: Can you legally ask your employer to be paid in cash? [Re: CookieCrumbs]
    #23948763 - 12/22/16 10:49 AM (7 years, 1 month ago)

ohhh so now its monthly or quarterly. I mean im pretty sure the irs fucks up left right n center. Overcharging undercharging people losing money prob. whos keeping tabs on them fucking congress? Holy fuck guys. :facepalm:


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Offlinekoods
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Re: Can you legally ask your employer to be paid in cash? [Re: CookieCrumbs]
    #23948764 - 12/22/16 10:50 AM (7 years, 1 month ago)

My Maserati goes 185 but I lost my license and now I can't drive


--------------------
NotSheekle said
“if I believed she was 16 I would become unattracted to her”


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OfflinePatlal
You ask too many questions
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Re: Can you legally ask your employer to be paid in cash? [Re: CHeifM4sterDiezL]
    #23948767 - 12/22/16 10:51 AM (7 years, 1 month ago)

Quote:

CHeifM4sterDiezL said:
ohhh so now its monthly or quarterly. I mean im pretty sure the irs fucks up left right n center. Overcharging undercharging people losing money prob. whos keeping tabs on them fucking congress? Holy fuck guys. :facepalm:




Given that every level of every government of every country is mismanaged except maybe France's health care system, I wouldn't be supprise that the IRS fucks up too.


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Offlinekoods
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Re: Can you legally ask your employer to be paid in cash? [Re: CookieCrumbs]
    #23948773 - 12/22/16 10:54 AM (7 years, 1 month ago)

Quote:

CookieCrumbs said:
Quote:

koods said:
Estimated tax payment schedule

April 18, 2016
June 15, 2016
Sept. 15, 2016
Jan. 17, 2017*
.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .




Again it depends. There are multiple contractors licences. Some of the lower brackets don't have to pay quarterly.


Least this is what I understand from talking with contractors.




If your estimated tax is over $1000 you have to make a payment

Quote:

most cases, you must pay estimated tax for 2016 if both of the following apply.
1. You expect to owe at least $1,000 in tax for 2016, after subtracting your withholding and refundable credits.
2. You expect your withholding and refundable credits to be less than the smaller of:
or a. 90% of the tax to be shown on your 2016 tax return,
b. 100% of the tax shown on your 2015 tax return. Your 2015 tax return must cover all 12 months.
Note. These percentages may be different if you are a farmer, fisherman, or higher income taxpayer. See Special Rules, later.
Exception. You do not have to pay estimated tax for 2016 if you were a U.S. citizen or resident alien for all of 2015 and you had no tax liability for the full 12-month 2015 tax year. You had no tax liability for 2015 if your total tax was zero or you did not have to file an income tax return.
Special Rules
There are special rules for farmers, fishermen, certain household employers, and certain higher income taxpayers.




--------------------
NotSheekle said
“if I believed she was 16 I would become unattracted to her”


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InvisibleCookieCrumbsM
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Registered: 12/10/11
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Re: Can you legally ask your employer to be paid in cash? [Re: koods]
    #23948789 - 12/22/16 11:01 AM (7 years, 1 month ago)

1000 per quarter/month or 1000 per year?

Cuz if you're a self employed contractor that partners with other self employed contractors its not hard to make under that 1000 in taxes each quarter. Especially if you're working the loop holes with your partners.


--------------------
          :dancingbear: Free time is the only time :dancingbear:                    :thatsinteresting:


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Offlinekoods
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Re: Can you legally ask your employer to be paid in cash? [Re: CookieCrumbs]
    #23948797 - 12/22/16 11:05 AM (7 years, 1 month ago)

Quote:

CookieCrumbs said:
1000 per quarter/month or 1000 per year?

Cuz if you're a self employed contractor that partners with other self employed contractors its not hard to make under that 1000 in taxes each quarter. Especially if you're working the loop holes with your partners.




Your partners taxes are not your problem.

As soon as you've earned enough to owe $1000 for the year, you must make an estimated payment.


--------------------
NotSheekle said
“if I believed she was 16 I would become unattracted to her”


Edited by koods (12/22/16 11:06 AM)


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Invisibleluvdemshrooms
Two inch dick..but it spins!?
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Re: Can you legally ask your employer to be paid in cash? [Re: Patlal]
    #23948800 - 12/22/16 11:06 AM (7 years, 1 month ago)

Quote:

Patlal said:
Quote:

Prisoner#1 said:
you can ask but it typically wont work out well because you'll be paying a larger chunk at the end of the year




Explain please




Ummm... no.

First...

Quote:

In the United States, withholding by employers of tax on wages is required by the federal, most state, and some local governments. Taxes withheld include federal income tax,[3] Social Security and Medicare taxes,[4] state income tax, and certain other levies by a few states.




https://en.wikipedia.org/wiki/Tax_withholding_in_the_United_States


Here in the US the Feds want their money now. The requirement, if you don't have your taxes taken out of the income, is that you must make quarterly estimated tax payments. Failure to do so will result in a fine.


Quote:

Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. If the amount of income tax withheld from your salary or pension is not enough, or if you receive income such as interest, dividends, alimony, self-employment income, capital gains, prizes and awards, you may have to make estimated tax payments. If you are in business for yourself, you generally need to make estimated tax payments. Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax.

If you don’t pay enough tax through withholding and estimated tax payments, you may be charged a penalty. You also may be charged a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return.

Estimated tax requirements are different for farmers and fishermen. Publication 505, Tax Withholding and Estimated Tax, provides more information about these special estimated tax rules.
Who Must Pay Estimated Tax

Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.




https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes


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You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity. What one person receives without working for another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for that my dear friend is the beginning of the end of any nation. You cannot multiply wealth by dividing it. ~ Adrian Rogers


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