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If I am paid cash, How my taxes will be affected?

Asked By: vile - 5/30/2008
Best Answer - Chosen by Asker
I have seen this before. It really is a shame. Unless you made a very low income and have a lot of deductions, you are going to owe a substantial amount of income tax. The IRS is going to audit the business and determine for themselves what you made. You are then in the position of guilty until proven innocent. If... More
Answered By: notaperviemusculargent - 6/2/2008
Additional Answers (3)
You will have to pay them. If you are payed cash, your taxes are not being deducted.
Answered By: smedrik - 5/30/2008
 
If you earn over $400 in any one year from any source, you need to report it to the IRS at tax time. If you expect you'll be making more than that, you can ask for a W-4 form or to be issued a 1099 at the end of the year. If whoever you're getting paid from doesn't do either of those, you are still responsible for... More
Answered By: pebblestoyou - 5/30/2008
 
if you mean cash under the table - they may give you a 1099, then you would have to pay your own FICA taxes that the employer should be paying plus the income taxes and I guarantee they won't be paying into the unemployment system for you, so if they lay you off, you won;t be able to collect unemployment benefits, and... More
Answered By: Doctor Deth - 5/30/2008
 
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