Do we need to pay taxes???????

[partha002]

Hey guys....Do we need to pay taxes on the money we make on FC?

[bud1]

Yes you have to pay taxes if you make a certain amount of money.

[andhu25]

i didn't know that. ok how do i need to pay taxes? how it's work? any one help me. like income taxes?

[deathx88]

i've never heard of anyone having to pay taxes on this site. not unless you make a TON of money i'm guessing. most of us don't need to do that, even if you cash out $100 i'm sure you'll be fine. don't be worried by it, i've cashed out 6 times already and i've never had to pay any taxes.

[ElleRich]

Hey guys....Do we need to pay taxes on the money we make on FC?

A member on Fushioncash is considered an independent contractor.  If you make $600.00 or over in a year, you will receive a 1099 form to submit when you file your federal income taxes.  I'm not a tax expert by far and if anyone has any pertinent information to add to this posting, please do so.

[SurveyMack10]

It would be extremely hard to make 600 dollars in a year i would think

[healthfreedom]

We have to pay taxes as long as the American citizens do not vehemnetly oppose it.

[tuyetmai]

Hey guys....Do we need to pay taxes on the money we make on FC?

I don't know how much you make a year to file tax.  But I know it's will tax you if you make more than amount of money.  You should find out by the admin.

[scarroll452]

Hey guys....Do we need to pay taxes on the money we make on FC?

Not positive, but I believe you only have to pay taxes on  $500. + per year.

[SlyckQuick]

Yes, you are automatically sent a 1099 Form from FusionCash if you earn more than $600 in a year, which you will need to file when doing your taxes. I received my 1099 a few weeks ago and already filed. Legally, you are supposed to report any extra earnings made during the tax year but companies like FusionCash are only required to send 1099's etc on earnings of more than $600.

[hawkeye3210]

You need to pay taxes on all income earned regardless of how much you make.

[animikokala]

You need to pay taxes on all income earned regardless of how much you make.

Not true.  If you don't make enough, you don't have to pay taxes.

According to the IRS website, it's $400 instead of $600.  These types of sites count as "self-employed".  Has it changed from $600?

http://www.irs.gov/individuals/article/0,,id=96623,00.html

To determine if you need to file a Federal Income Tax return for 2010 answer the following questions:

Occasionally, individuals have one-time or infrequent financial transactions that may require them to file a Federal Income Tax return. Do any of the following examples apply to you?

Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back?
Are you entitled to the Earned Income Tax Credit or did you receive Advance Earned Income Credit for this tax year?
Were you self-employed with earnings of more than $400.00?
Did you sell your home?
Will you owe any special tax on a qualified retirement plan (including an individual retirement account (IRA) or medical savings account (MSA)? You may owe tax if you:
Received an early distribution from a qualified plan
Made excess contributions to your IRA or MSA
Were born before July 1, 1939, and you did not take the minimum required distribution from your qualified retirement plan.
Received a distribution in the excess of $160,000 from a qualified retirement plan.
Will you owe social security and Medicare tax on tips you did not report to your employer?
Will you owe uncollected social security and Medicare or Railroad retirement (RRTA) tax on tips you reported to your employer?
Will you be subject to Alternative Minimum Tax (AMT)? (The tax law gives special treatment to some kinds of income and allows special deductions and credit for some kinds of expenses.)
Will you owe recapture tax?
Are you a church employee with income in wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social security or Medicare taxes?

[franlee46]

Hey guys....Do we need to pay taxes on the money we make on FC?

A member on Fushioncash is considered an independent contractor.  If you make $600.00 or over in a year, you will receive a 1099 form to submit when you file your federal income taxes.  I'm not a tax expert by far and if anyone has any pertinent information to add to this posting, please do so.

I think you are correct I remember reading that when Paypal announced that they would be submitting forms to the Gov't if you earned a certain amount....$600.00 or more in a year there are some who do that on this site It is each individual's responsibility for their taxes.

[wbilj97]

only if you made 600 or more and gpt sites will send a 1099 form if you did. but yes you do pay taxes on the money earned unless you make under 600.00. 

[hayhal74]

Thanks for the answer...that is helpful.