| How much tax to with-hold |
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krisscross
First Time Poster
Cash: $ 0.25
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Joined: 11 Jul 2010
Location: Nacogdoches
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| How much tax to with-hold |
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I am a college kid in texas and just picked up another job. I already work for the state so all my taxes are good with that but me and 2 of my friends just got a maintenance job on the side to make some extra cash. In an attempt to make things simpler we are just being wrote one check in my name and i am dividing it up between us. They do not take any taxes out and the checks varry though depending on how much we work. We each make 15 dollars an hour. My question is how much should ii be setting aside for taxes at the end of the year or where can i find info on this? or is there a better way to get payed like by getting individual checks?
thank you very much
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Sun Jul 11, 2010 12:37 am |
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siestakey
Contributing Member
Cash: $ 7.00
Posts: 35
Joined: 08 Jul 2010
Location: U.S.A
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thts the better tax payation for u and this is from my knowledge.....
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Wed Jul 14, 2010 6:18 am |
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CreditCardForum
Member
Cash: $ 4.25
Posts: 20
Joined: 26 Sep 2010
Location: Huntington Beach, CA
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Yes I agree with coaster - getting paid individually would be a much better idea. Think about it, what happens if you got audited and those payments were brought into question... it would be documented you were paid, but would you have conclusive proof you paid your friend half of it? Furthermore, the IRS requires a filing if you pay someone more than $600 cash per year, and I suspect that *might* also be a potential problem in this situation if his share was in excess of that amount. Better to be safe than sorry, just keep it separate.
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Sun Sep 26, 2010 8:42 am |
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