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Who do you contact when employer pays cash to employees and pays no taxes?
Wiki User
∙ 13y ago
Contact your local wage and hour commission. Usually they are located at the employment office.
Wiki User
∙ 13y ago
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If you get paid in cash do you have to file taxes?
Legally yes.... you have to file taxes if you are paid in cash... Many times even cash payments are reported to the IRS via a 1099 form that the person/employer who paid you the cash will file,you would receive these 1099 forms just as you would the W-2 forms for standard taxes.... If you receive no 1099 form then you have to file as self-employed and still report your income.....
Is it necessary for someone who receives cash from an employer to claim taxes on the income?
Legally, yes. And of course by letting yiur employer do less, you miss out on all the benefits he shoud be paying for...your FICa, unemployment, disability, etc, insurance and more
If you are paid cash do i still have to pay taxes?
Cash, check. money order, electronic transfer, payment in goods or services, bartering, forgiveness of debt: none of it makes any difference. If your employer hands you a check, cash, a sack of magic beans. or forgives your grandfather's debt to his family, it is all taxable. It makes no difference if you are paid under the table, over the table, on the table, next to the table, secretly, publicly, or any other way. Even if your employer is cheating on his taxes and not reporting your wages, it makes no difference. Even if you are engaged in some illegal activity, it makes no difference. However you get paid, you have to pay your taxes.
How do you calculate the net income after taxes with cash flows?
Cash flows are adjusted for depreciation transaction and then net income is arrised and from there taxes are deducted as well.
Are taxes charged when you receive a lump sum of cash?
Depending on the reason for you to be receiving a lump sum of cash taxes are most likely going to be required. However, the taxes owed may not be deducted from the amount you receive and you may have to pay the taxes later at filing time depending on the situation it may be beneficial to request whom ever is providing the cash payment to deduct taxes if possible.
Is it legal in the state of IL for an employer to pay in cash?
Yes, as long as taxes are withheld and deposited, as well.
What is the definition of Payroll Costs?
One perspective is to includle all items that relate to labor...such as Employer costs incurred for employees' services. Payroll costs consist of the actual cash paid to the employees and the withheld amounts (liabilities) for employee's federal income taxes, FICA, and various voluntary health and benefit plans. Employer's payroll costs also consist of its matching share of employee's FICA taxes and contributions to the state and federal unemployment insurance programs.
Is revenue stamp is required if the employer transfer the salary to employees saving account and not by way of cash as per Indian revenue stamp act?
No. Revenue stamps are applicable on cash payment.
If you get paid in cash do you have to file taxes?
Legally yes.... you have to file taxes if you are paid in cash... Many times even cash payments are reported to the IRS via a 1099 form that the person/employer who paid you the cash will file,you would receive these 1099 forms just as you would the W-2 forms for standard taxes.... If you receive no 1099 form then you have to file as self-employed and still report your income.....
What is the jounal entry to after-the-fact payroll where all taxes have been paid?
Debit - Payroll (Wages) - for the amount of the total gross wages. Debit - Payroll Tax Expense - for the amount of the EMPLOYER taxes. Credit - Cash
How do you get a mortgage if you get paid in cash?
You would likely need to get a statement from your employer as to your hourly, weekly, or monthly salary. Of course, this means you would need to file income taxes, and your employer would need to do withholding and all those taxes for the government. But without proof, no bank will just give you a mortgage.
What happens when you got hurt on the job but you were getting your money in cash does the works comp insurance pay you while you are recovering from the accident?
If you were being paid in cash, it's possible your employer was not paying workman's comp insurance, disability, or unemployment, etc. on you. If your employer was not holding out any taxes on you, and if you didn't report those earnings, you need to check on that before applying for benefits. Otherwise, you can be charged with tax evasion, depending on how long you were being paid in cash, and if you paid taxes on it or not.
Is it necessary for someone who receives cash from an employer to claim taxes on the income?
Legally, yes. And of course by letting yiur employer do less, you miss out on all the benefits he shoud be paying for...your FICa, unemployment, disability, etc, insurance and more
When cashing out a life insurance policy are cash value and net cash value the same?
The cash value of something is the value before taxes. Net or Netto cash value is after taxes.
If you are paid cash do i still have to pay taxes?
Cash, check. money order, electronic transfer, payment in goods or services, bartering, forgiveness of debt: none of it makes any difference. If your employer hands you a check, cash, a sack of magic beans. or forgives your grandfather's debt to his family, it is all taxable. It makes no difference if you are paid under the table, over the table, on the table, next to the table, secretly, publicly, or any other way. Even if your employer is cheating on his taxes and not reporting your wages, it makes no difference. Even if you are engaged in some illegal activity, it makes no difference. However you get paid, you have to pay your taxes.
Do any businesses pay employees' salaries as a lump sum in cash?
No credible employer would do this. Although not illegal it leaves too much room for fraud and it would give the appearance they are hiding something.
Can you draw unemployment from someone who paid you in cash?
Regardless whether the manner you were paid was by check, cash, etc., if the employer is paying unemployment taxes to the state, it's the state that would pay you. If you were being "paid under the table" and no record was maintained about your employment, then you could have difficulty.
