Friday, April 24, 2009

An under-the-table relationship

June --

I don't know if you can help me or not but I hope you can!! I am fixing to start a job that is going to be paying me under-the-table so therefor I will have to pay my own taxes!!

I don't know how that works! Can you tell me what I need to do and how much would estimate that I would need to hold out of each week's check. Like if I was to bring home, let's say 500 a week, how much should I put back for taxes? How often do I pay in or do I wait til the end of the year??

Maryville, TN

Dear Jennifer,

Words have specific meanings. Something that is often forgotten in our hurry-up-instant-message society. "Sharing an awesome relationship" can mean that you've had a wonderful marriage for a lot of years or you ran into an old friend and had a good cup of coffee while waiting for the train. For your financial well-being, I am hoping you have used the wrong words. The phrase, "under-the-table" is a way of saying income that is not claimed on a tax return. Hiding income is fraud punishable by penalties and even jail depending on the situation. To understand more, read these posts on cheating .

If you mean instead that you will be paid as a self-employed, then the answers to your questions are beyond the scope of a quick blog post. I again urge you to do some reading. Start with my posts on taxes -- estimated . And then for an idea of the kinds of expenses you may deduct get your complimentary List of 100+ Indie Business Expenses right here on my website .



No comments: