1099 and W-2?? (Tax question)

[Kourt]

I am 18 years old and I work 3 jobs, two of my jobs take out taxes but I am starting a new job that will not take out taxes. At the end of 2008 I will get a 1099 from one job and a W2 for the other two jobs. Am I going to have problems when I file?? Is there anything I should/shouldnt do or anything I need to know??
I know I have to set money out during the year because I will have to pay like 20%('round about) on what I have made at the 3rd job. I don't understand ANYTHING about filing taxes and all of that so I need lots of help!!! Thanks.

[ksniperfox]

if they pay you in cash, then the IRS has no idea you had a 3rd job, and you almost 100% wouldnt get caught, but not paying tax on cash pay jobs is tax fraud.

however, if it isnt cash, it is a good idea to be saving up, or ask your employer to take out taxes.

just use an online filing for the other 2. it will tell you which boxes to put which numbers, etc.

now, boobs or gtfo.

[skillzilla]

Keep in mind also that your employer also files a 1099 form on you as the employee, as long as you made over 600 bux that year. It could catch up to you but its not really likely.

[japan4racing]

so your third job is a stripper? in for pics!

[Kourt]

Haha, thanks for the info. I really dont understand tax stuff, but im not looking to get away with not paying I just want more info on it all. I dont want working the 3rd job to be costing me more than helping. I guess I'll just work it all out this time next year. Thanks! Oh yeah, and the job is not being a stripper, and no boobs you can gtfo

[skillzilla]

Everyone knows strippers take plastic nowadays...

[japan4racing]

just swipe and wipe! still in for pics of a semi local girl....

[Kourt]

just swipe and wipe! still in for pics of a semi local girl....

Uh oh, forsyth, youre not part of FCC right??? I hope not..

[japan4racing]

i dont even know what you are talking about...

[Kourt]

i dont even know what you are talking about...

Thats always good.. Fox City Customs?? I'm sure you have seen the stickers all over cars, if you live in the forsyth city and not county..

[japan4racing]

oh yea..those fags..seen them on zebulon road. i didnt think ppl still hung out there....i quit hangin out there 5 years ago or more...anyways, good luck with getting screwed...i mean the taxes

[kar906]

go to HNR BLOCK they will do evry thing for u

[ksniperfox]

go to HNR BLOCK they will do evry thing for u

and they will charge you like 400 more bux, dumbass. i doubt she is making that much money where the h&r premium would actually benefit her. online filing is so easy, and pretty damn accurate. like 20 dollars for me last year, and i got $800 back on a measly 10k/year income.


PM myspace kourt? cmon. im providing useful info. its really the least you could do.

[Kourt]

and they will charge you like 400 more bux, dumbass. i doubt she is making that much money where the h&r premium would actually benefit her. online filing is so easy, and pretty damn accurate. like 20 dollars for me last year, and i got $800 back on a measly 10k/year income.


PM myspace kourt? cmon. im providing useful info. its really the least you could do.

hahahaha my myspace would do you no good, Its private and I only add people I have met before. sorry but thanks!

[ueyedgr8tness]

I get a 1099 from my job.u just want to be sure u put back $ or send in some $ every 1/4 just so u might be able to get back some or payless at the end of the yr.



P.s DO NOT GO TO HNR block they do nothing but rip u a new hole.they use there fee's to offset irs so if u do get back more $ u would never no it.If u need a good tax ladie i got 1 she has done mine the last 2 yr's and got me the max back

[skillzilla]

10% is a standard fee for any tax return, and its a damn good deal if you go to someone who knows what they are doing. I have someone I go to every year, and have recommended to TONS of friends, that gets me 700-1000 more than H&R could ever offer me. And its totally legal/legit.

[JennB]

What you need to do depends on how much income you are going to earn this way. Is this 1099-ed job just a small side project or a major source of income?

You will need to set aside about 40% of your income for taxes since you also pay about 10% extra in self-employment taxes, which is paid by your employer at a regular job but in a job where your wages are reported through a 1099, you are now responsible for it.

You can make estimated payments each quarter to reduce your end of the year liability and to avoid underpayment penalties. This is why the amount of income matters. If it's going to be a good portion of your income, you will need to make estimated payments. This can be done using form 1040 ES for Federal taxes and I'm not sure about the GA form since I've never worked in public accounting in GA and don't know all of the forms here.

As for not reporting the income... don't even think about it. I can't believe anyone would suggest that. You do know that every form you receive also goes to the IRS, right? When you get a 1099, so do they. If a large company issues that 1099, they have to send it in electronically so the IRS matching it to your tax return is not hard at all. Smaller companies still use paper forms but they are processed just as thoroughly. They do check those things. It takes a few months but trust me, it happens. I've worked in accounting for years and I see 1099 discrepancy notices every year. They send out a letter if an SSN doesn't match or if the address doesn't match, they can sure as hell match up the income amounts.

As for H&R Block... rip off. They prey on people who are scared of taxes. Most people's taxes are amazingly easy, they just don't bother to learn. Also, those people are NOT accountants (unless they are retired or former accountants just doing it for extra money), they are tax preparers, big difference. We accountants are far too busy this time of year to go work for H&R Block. $400 or $500 to prepare taxes is insane. Taxes are not hard. Your average young person with a job or two and no kids or house is about a 10 minute job. People seem to think that taxes are really complicated and there are all kinds of tricks, for most people, there aren't. Sure, it's a totally different ballgame when you own a business, lots of properties or have a really high income but your average tax return is pretty simple.