Tax Taken Out

[jazzy3098]

I have been reading the Boards from allot of people on here about Payment.  It is my understanding that we get paid in full every Month at the end of the Month as long as we have at least the minimum amount in our accounts.  However I have also noticed that no one or at least I think no one has addressed the issue of Tax being paid.  I also do not know how this works.  I was wondering if there was some one out there that could tell all of us how that works.

[orchidchild]

YOU HAVE TO MAKE AT LEAST $600 ON EACH SITE BEFORE YOU FILE FOR A 1099-A

[jazzy3098]

YOU HAVE TO MAKE AT LEAST $600 ON EACH SITE BEFORE YOU FILE FOR A 1099-A

Ok Thanks don't wanna get the old tax man angree at me LOL

[MystedMoon]

YOU HAVE TO MAKE AT LEAST $600 ON EACH SITE BEFORE YOU FILE FOR A 1099-A

Not true. Each site is different. For instance, SquishyCash gives a W-9 when you've made $400-$500 (the $600. mark is just set up by the Gov. but some companies give it out at their will). FC gives a W-9 as well. A form W-9 is if you are an independent contractor (freelance workers), you may get a Form W-9 to fill out. This form is a formal way for a company to request your tax identification number. And since we are doing GPT sites, we are independant contractors (and not self employeed). Then, after the company who sends you the W-9 gets your info, you'll in turn have to fill out a 1099.
The W-9 is for their records and has to be kept on file for every 1099 that you get.

[joclt22]

right. but these only have to be filed once a year if you are over or know that you will go over the set amount in that cal year. so it's not something that you have to do monthly or anything... just yet another paper to go with the millions i already have sitting in front of me to do our taxes lol

[MystedMoon]

right. but these only have to be filed once a year if you are over or know that you will go over the set amount in that cal year. so it's not something that you have to do monthly or anything... just yet another paper to go with the millions i already have sitting in front of me to do our taxes lol

Well, that's pretty evident as you only file taxes once per year, not weekly or monthly. lol

[joclt22]

yes but most jobs* take taxes out each pay. so i was just clearing it up for them that it is not like that lol.

[JeremiahSwayzer]

Why this isn't a real job?

[joclt22]

by doing this. you are a indepent contractor. what i meant was you are not on a payroll. there for there is not taxes taken out of each of your pays. in a since it's the same as owning your own bussness when it comes to taxes. it's up to you to file them and pay them. they don't get taken out for you... hope this clears anything up for ya

[Administrator]

While we can't provide any tax advice (please consult a professional), it's my understanding that you are required to report and (generally) pay taxes on all of your income, including the income from FusionCash, even if it is under $600 in a year (even if it's $20!).  The IRS chose the $600 mark for 1099-MISC income for the sake of convenience (a business like ours would drown in paperwork if we had to collect W-9s from every user) but as Mysted mentioned it's completely up to the payer.  Some companies will require a W-9 and issue a 1099-MISC for ALL earnings, even small amounts.

In short, (and again - I am not a tax professional and this is not tax advice) you likely have tax liability for your earnings from FusionCash REGARDLESS of the amount.  $600 is not a magic number at which point your income becomes taxable - it's just the number at which the IRS wants to keep track of it.

[aprilgeorge]

I see that you have been doing this along time and know what you are doing, is there a way that you could help. You have 4 beautiful children as do I. I am trying to make extra money so I can stay at home part time. I work part time as an RN.
Thank You,
April

[joclt22]

if you read all the forums you will find lots of help with completeing offers and other paying sites to make money on.

as admin said, it's up to you to fill a w9 but some sites due make you do it... like swatcash for one.. if you do not send them one in the year you have made over 600.00. or if your up comming payment will take you over 600.00 they hold your payments till they get one from you. but as far as taxing it's self, you need to contact tax pros for your state as each state is diff. here in pa you don't have to file your taxes for a tax return unless you have more then 1,000.00 paid to fed. but you do have to report all earnings over 400.00. ( this is earnings over 400.00 from one place. not total from all places )  and pay all taxes if any that would be due. i have to report as i have made over 400.00 from one site last year. but i know i won't have to pay anything as i have 5 exps. and i never have anything taken out for fed. and like 3.00 per pay for state. and at 400.00 that would be like 2.12 for that for state. but no matter what i always report anyways that way i know nothing can ever come back to get me lol...... ( does'nt wanna be on the run from the evil IRS! ) lol