All employers are required by law to withhold many taxes (and pay some others for) an employee. Any employer who arranges with you not to, (commonly called paying you under the table), actually doesn't change your obligation to pay tax on your earnings. But, probably saves himself money at the cost of those benefits HE would have had to pay for you....like being able to ever collect unemployment or any disability or loss for injuries you may incur. Common sense should tell you an employer that will lie and cheat to hide a small amount of money from the authorities..isn't going to have any second thoughts about doing the same to you (or your customers)...or being cheap on things that may effect your safety...etc.
To be paid without any employer tax withholding obligations you must be an "Independent Contractor", which differs from an employee in many ways....basically how work is dictated and that the boss really can't be "the boss" - since your independent....which as I guess is all he would have to give up to not have to be a liar, thief and cheat - as above - ...it is again a good indication of what your dealing with.
By the way...if he had half a brain as a business man, don't you think he'd want to show as high a payroll as possible for the IRS? Generally, all payroll costs are expenses that are deductible without question..so he has a great tax deduction! Payroll, which your supposed to report to them - is easily audited and accepted. The nitwits that pay under the table make themselves liable for a criminal act, show they are disreputable in business dealings and do that to...many times....become a tax cheat and pay MORE than they should. (Or do you think that the actual payroll costs will magically appear when he needs them...because that isn't easily audited by comparing it to what was reported?)
No The employer may not deduct taxes from your paycheck if you are under 18 unless you give them permission to do so, If they have done this to you make sure to talk to someone about it your entitled to get that money back.
If you give your money away to a recognized charity, you can deduct the contribution on your income taxes.
yes
A individual taxpayer cannot deduct payroll taxes on the individual taxpayers income tax return.
I am not sure what you mean by this or what kind of tax account you may be referring to.On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and sales taxes (but not both sales taxes and income taxes). You may not deduct federal incomes taxes. You may not deduct interest or penalties.A few states let you deduct federal income taxes on your state return.
No The employer may not deduct taxes from your paycheck if you are under 18 unless you give them permission to do so, If they have done this to you make sure to talk to someone about it your entitled to get that money back.
If you give your money away to a recognized charity, you can deduct the contribution on your income taxes.
You can contribute money to your IRA before taxes are taken out by making a traditional IRA contribution. This means you can deduct the amount you contribute from your taxable income, reducing the amount of income that is subject to taxes.
yes
To calculate taxes out of your paycheck, you need to know your gross income, deductions, and tax rates. Subtract deductions from your gross income to get your taxable income. Then, apply the appropriate tax rates to calculate the amount of taxes owed. This will give you the amount that will be deducted from your paycheck for taxes.
A individual taxpayer cannot deduct payroll taxes on the individual taxpayers income tax return.
I am not sure what you mean by this or what kind of tax account you may be referring to.On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and sales taxes (but not both sales taxes and income taxes). You may not deduct federal incomes taxes. You may not deduct interest or penalties.A few states let you deduct federal income taxes on your state return.
yes
Gross income is the total amount of money you earned, before taxes and any benefits are paid for. Net income is the amount of money you actually received on your paycheck after taxes and any benefits you contribute toward are taken out.
Yes, you can deduct 401k contributions from your taxable income on your taxes, which can lower your overall tax liability.
You can deduct IRA contributions on your taxes if you meet certain income requirements and if you contribute to a traditional IRA.
To calculate your taxes on your paycheck, you need to know your gross income, deductions, and tax rates. Subtract deductions from your gross income to get your taxable income. Then, apply the appropriate tax rates to calculate the amount of taxes owed.