M
mschrank
Guest
Oh brother. Sorry but really!
1099’ing a kid? Sounds a bit OCD to me, not virtuous.
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1099’ing a kid? Sounds a bit OCD to me, not virtuous.
J
JustAnotherThou
Guest
She was a teenager, of working age.
Virtuous…hmmmmm…teaching/educating someone about the proper and legal way to file income taxes and follow the law is not virtuous???
Also, PLEASE remember I was a PUBLIC OFFICIAL and I accepted that the pubic would scrutinize any thing that was not done by the legal letter of the law.
Anyway, sorry for letting this get off topic!!
O
OutinChgoburbs
Guest
As somebody who does taxes at this time of year, I know federally that the first $8750 ($17500 for married filing jointly- see Pub 17) of income is not necessary to claim. Most states follow similar guidelines. I know the tax in Illinois is 3% of what a person claims on line . Most people withhold too much in an effort to get a refund, when they should really claim more dependents.
I have never given an occasional baby-sitter of the teenage variety a 1099. I expected baby-sitters of the more permanent variety, such as day and extended care programs, to keep their own books.
I can understand your situation.
If the government wants to hunt me down like a dog because I paid Cathy or Sara from church $25 to watch the girls for an hour, it is welcome to try. The now-grown kids’ sitters are covered by the statute of limitations.
I did a rough calculation on what a person makes in such a venture. If a dozen burritos cost $14, and they cost about $7.50 to make. The profit is $6.50. If twk makes 25 dozen orders and sells them all, her gross profit is $162.50. If she makes burritos twice a month, because it is time-consuming, she’s made $3900. That’s well within the federal guidelines! Technically speaking, twk could subtract off a bunch of stuff, including the big sign for the break room made out of genuine poster board
, and make the net profit even less.
However, even $3900 is only $325 a month.
I have never given an occasional baby-sitter of the teenage variety a 1099. I expected baby-sitters of the more permanent variety, such as day and extended care programs, to keep their own books.
I can understand your situation.
If the government wants to hunt me down like a dog because I paid Cathy or Sara from church $25 to watch the girls for an hour, it is welcome to try. The now-grown kids’ sitters are covered by the statute of limitations.
I did a rough calculation on what a person makes in such a venture. If a dozen burritos cost $14, and they cost about $7.50 to make. The profit is $6.50. If twk makes 25 dozen orders and sells them all, her gross profit is $162.50. If she makes burritos twice a month, because it is time-consuming, she’s made $3900. That’s well within the federal guidelines! Technically speaking, twk could subtract off a bunch of stuff, including the big sign for the break room made out of genuine poster board
, and make the net profit even less.However, even $3900 is only $325 a month.
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