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Old 09-14-2010, 09:20 AM
 
72 posts, read 368,447 times
Reputation: 60

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Okay, I work for a small company. He gives me a check with the hours I worked plus my hourly wage. That's it.


How do calculate how much social security and tax and medicaid that I need to pay ?

Actually I don't know what to do like how do I pay tax and other things that I need to do cause I don't think my boss is doing it.


Thanks
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Old 09-14-2010, 09:27 AM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,530,714 times
Reputation: 17829
What happens (what can you do) if he only pays in cash - no records?

Maybe he'll go for it.
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Old 09-14-2010, 09:28 AM
 
72 posts, read 368,447 times
Reputation: 60
Quote:
Originally Posted by Charles View Post
What happens (what can you do) if he only pays in cash - no records?

Maybe he'll go for it.

I'm confused. He gives me a check. So how do I file my tax and stuff?
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Old 09-14-2010, 09:30 AM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,530,714 times
Reputation: 17829
Quote:
Originally Posted by qinboxmail View Post
I'm confused. He gives me a check. So how do I file my tax and stuff?

Ask him if instead of a check, he can pay you in cash.
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Old 09-14-2010, 09:32 AM
 
72 posts, read 368,447 times
Reputation: 60
Quote:
Originally Posted by Charles View Post
Ask him if instead of a check, he can pay you in cash.
I want to file my tax return though.
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Old 09-14-2010, 09:39 AM
 
Location: Denver, CO
1,278 posts, read 2,305,820 times
Reputation: 929
Quote:
Originally Posted by qinboxmail View Post
I want to file my tax return though.
The following two links will show you what your deductions are for an hourly or salaried position. Put the money you're holding for income taxes into a savings account or CD, at least make a little interest off of it.

PaycheckCity.com | Hourly Paycheck Calculator

PaycheckCity.com | Paycheck Calculator
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Old 09-14-2010, 10:38 AM
 
1,173 posts, read 4,740,051 times
Reputation: 1338
Go see an accountant and have them help you set up a schedule C so you can pay your taxes quarterly. I'm assuming you don't have benefits through this company so see if you can qualify to be an independant contractor (this is usually OK even if all the work is done for one company). The benefit to this is that you can itemize MANY MANY this way and since you will have a bigger tax burden due to your employer not paying a portion of your income taxes through payroll (they usually pay a portion of your taxes I believe it's like 15%) this will help offset the additional burden.

When you are an independant contractor you can deduct certain expenses most people cannot, office space in your home, internet access, meals where business is discussed, computer equipment, clothing, milage the list goes on and on. Ofcourse a lot of it is based on your industry for while a stylist could write off clothing an accountant could not. A general contractor could wirte off some tools but it wouldn't fly for a personal assistant, writing off a meal at chucke cheese could get you in a lot of trouble but a swanky dinner with 4 clients would be fine. Look into it but don't go overboard with your business expenses and remain honest, the IRS can smell BS a mile away.
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Old 09-14-2010, 11:18 AM
 
9,727 posts, read 9,696,672 times
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You are required to pay your taxes quarterly. There are websites that will help you calculate what your tax liability is based on your "w-4" allowances and such.
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Old 09-14-2010, 03:59 PM
 
Location: Houston, TX
1,611 posts, read 4,843,297 times
Reputation: 1485
No one has addressed the issue of Social Security:

"Pay Into Workers Compensation, Disability, and Unemployment Insurance and Social Security. Workers Compensation and Disability Insurance will vary from state to state. But if you are in a profession that is covered, and your state has these programs, your employer must pay the premiums so that you are covered if you get hurt or unemployed. For all of us, regardless of state or profession, our employers must withhold social security taxes and they must pay half the taxes. So for every $100 that you earn, your employer is required to take $7.65 and put it into Social Security to help pay for your retirement, and they are also required to take an additional $7.65 out of their own pocket and put that into Social Security for you also."
Are employers required by law to offer benefits? - by Sue A. Sponte - Helium
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