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Thread: How much taxes do you have to pay?

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    Default How much taxes do you have to pay?

    I saw in another thread that 25% saved for taxes and savings.

    I was shocked.

    I know it is not nice, but I do not pay taxes yet. I'm trying to figure out some way to be able to pay the least I can. Where I live, if I pay every single cent I have to I will get to keep like 30% of my earnings only. Plus here I could hardly deduct any expenses. I saw some of you deduct toys, make up, camming outfits... Damn that is like a dream for me.. Here I could not deduct anything like that.

    In addition if I had wanted to start it in a "legit" way (well the sex work itself is legit, I meant the taxes) I should have gone to some office to tell them what I would do, and pay UPFRONT hell a lot of money for the administration...

    Bills, clothes, food these cost exactly like in western europe some even more expensieve, so for example I order my clothes from the UK cause I buy the same for 1/3 price (shipping included).

    Lately I've been thinking about moving abroad, because I can make the same amount of money everywhere and if they wont take like 70% of my earnings I would be glad to go..

    The worst is that from that money hell a lot goes to health insurance (30%+ of the total earnings), and our health care is so crappy that I always go to payed doctors, so basically I would pay twice for healtcare too. (Atm I pay some basic health insurance fee, but as soon as they know that I work I will have to pay 30%+ of my earnings)

    Any of you has to pay this much? Or it is just me in a sucky country like this?

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    Default Re: How much taxes do you have to pay?

    Quote Originally Posted by Glasses View Post
    I saw in another thread that 25% saved for taxes and savings.

    I was shocked.

    I know it is not nice, but I do not pay taxes yet. I'm trying to figure out some way to be able to pay the least I can. Where I live, if I pay every single cent I have to I will get to keep like 30% of my earnings only. Plus here I could hardly deduct any expenses. I saw some of you deduct toys, make up, camming outfits... Damn that is like a dream for me.. Here I could not deduct anything like that.

    In addition if I had wanted to start it in a "legit" way (well the sex work itself is legit, I meant the taxes) I should have gone to some office to tell them what I would do, and pay UPFRONT hell a lot of money for the administration...

    Bills, clothes, food these cost exactly like in western europe some even more expensieve, so for example I order my clothes from the UK cause I buy the same for 1/3 price (shipping included).

    Lately I've been thinking about moving abroad, because I can make the same amount of money everywhere and if they wont take like 70% of my earnings I would be glad to go..

    The worst is that from that money hell a lot goes to health insurance (30%+ of the total earnings), and our health care is so crappy that I always go to payed doctors, so basically I would pay twice for healtcare too. (Atm I pay some basic health insurance fee, but as soon as they know that I work I will have to pay 30%+ of my earnings)

    Any of you has to pay this much? Or it is just me in a sucky country like this?
    25% is about right for taxes. Some say to save about 33%, but that's usually only if you make more than 50k per year. At least that's how all this is in the US. We don't even get any kind of health insurance here unless we get it working full time from an employer (and after like 3-6 months working there), or pay for it out of pocket (self-employed), and that can run hundreds of dollars per month.

    You can deduct what you use for your business (makeup, toys, lingerie) if you can PROVE you used it for business only (bought it in a sex shop, etc.), and I believe that is true no matter where in the world you work because well, its a business expense.

    Claim ALL your cam money. Don't even thing about not reporting ALL your income you get from online sources because there is a paper trail. They may not send you 1099s, but they all report your earning to the government which is why they ask for your social or tax ID #. Unlike dancing or escorting, camming ALWAYS has a paper trail regardless.

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    Default Re: How much taxes do you have to pay?

    Quote Originally Posted by GlamourRouge View Post
    Claim ALL your cam money. Don't even thing about not reporting ALL your income you get from online sources because there is a paper trail. They may not send you 1099s, but they all report your earning to the government which is why they ask for your social or tax ID #. Unlike dancing or escorting, camming ALWAYS has a paper trail regardless.
    Yeah I know and eventually I will pay. Anyways none of the sites asked for either tax ID or Social ID from me. o.O Nothing like that. I'm just a tiny little bit frustrated that I have the same expenses like in a better country and I have to pay 3x as much in taxes... Damn, I envy you girls.

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    Default Re: How much taxes do you have to pay?

    ^yes this

    in us everyone has to pay around 10% (i think) in fica taxes, which are usually partly paid by an employer - so if you're self-employed you have to pay twice the fica tax (social security and medicare). then whatever your income tax rate is based on your tax bracket. usually if you make less than 10-15k/yr you don't have to pay income tax but if you make over that, up to 50k or so, you have to pay about 15% in income tax. but regardless of whether you make enough to pay income tax (i probably won't this year), if you're self-employed you MUST pay fica taxes.

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    Default Re: How much taxes do you have to pay?

    Quote Originally Posted by Glasses View Post
    Yeah I know and eventually I will pay. Anyways none of the sites asked for either tax ID or Social ID from me. o.O Nothing like that. I'm just a tiny little bit frustrated that I have the same expenses like in a better country and I have to pay 3x as much in taxes... Damn, I envy you girls.
    If they don't ask for that information, they are not professional and probably not a legitimate site.

    Real sites that actually pay you, pay on time, and don't steal your content are the ones that ask for all personal information. After all, this is a JOB and they are required by law to get that information. If the IRS tracks them down in the future (considering they probably won't claim the income), they will be in serious trouble. No business professional would risk that.

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    Default Re: How much taxes do you have to pay?

    I have often said that I put aside 25% for taxes - but not all of this will actually go to taxes (usually!) With my deductions, around 15% will go to taxes, and the remainder is savings - pension, rainy day fund, creating a record of liquidity for credit purposes, etc.

    With regards to companies not asking for your SIN/Social ID....if you are still getting paid by cheque, or into a bank account, or an e-account, this is traceable earnings. It is still recorded by your financial institution and the companies - you can still get caught. Cash earnings that never go into a bank are the only earnings that you could gt away with, although I still wouldn't recommend it.

    Moral of the story? It might be hard, but start putting something away now - it saves your own ass in the long run!!
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    Default Re: How much taxes do you have to pay?

    ^^^
    So what do you bring to an accountant when doing your taxes? Never had to officially do my taxes since I danced on and off and an accountant told me if you make under $9.000 a year you don't have to do them... *shrugs*
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    Default Re: How much taxes do you have to pay?

    Quote Originally Posted by Lady Xplicit18 View Post
    ^^^
    So what do you bring to an accountant when doing your taxes? Never had to officially do my taxes since I danced on and off and an accountant told me if you make under $9.000 a year you don't have to do them... *shrugs*
    Interesting perspective from an accountant!! Dancers (working with cash income) can get away with a lot more...and if you earn under a certain amount per year, you do not have to pay taxes on it (I believe between 5-10K is the cap depending on where you are) but you still have to declare that as earnings. There are also deductions where up to a certain amount can be considered a "gift" and tax free.

    Being currently paid by cheque, I would bring any tax documentation sent to me (ha! like most companies do that...) as well as my cheque stubs and a summary of payments into my bank account. I would also bring all my relevant receipts for write-offs (as well as prescription receipts, bus passes and anything else that I can claim as a deduction).
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    Default Re: How much taxes do you have to pay?

    Quote Originally Posted by GlamourRouge View Post
    If they don't ask for that information, they are not professional and probably not a legitimate site.

    Real sites that actually pay you, pay on time, and don't steal your content are the ones that ask for all personal information. After all, this is a JOB and they are required by law to get that information. If the IRS tracks them down in the future (considering they probably won't claim the income), they will be in serious trouble. No business professional would risk that.
    Actually these are not some little shady sites, these are the big ones. Even if they ask for this, they have in brackets: (for US models) I am not from the US, so I didn't fill it and noone complained. Only one site sent me some auto-email about a form I had to fill, but when I checked it, I got confused emailed the support and they told me that I didn't have to fill anything like that because it was for US models only and just ignore that auto email..

    Thank you girls, I know the moral of the stroy, I'm not thinking that I would never ever pay taxes, I'm just about to finish the university of law, my mother is an accountant, so am totally familiar with regulations, and morals, but simply in this country it is not like in yours.

    I was just curious how much do other people in other countries pay, because I definetly think that what we have to pay here is ridiculusly high.

    Briefly here the story goes this way: I go and report that I became self-employed. Since it is some internet thing, they look at me like I was a UFO. They hardly have idea about which category I belong to. (There are dozens) Three tax clerks (Attention, these are not the simple accountants, these are the tax clerks working at the tax office) will say three totally differnet things about how much, how and when do I have to pay, or which "licence card" do I need, but they refuse to give it in a written form, so when time comes, even if I do everything as they told me, most likely I am fucked, because who checks me, interprets the regulations in a different way and although it was them, who didn't give me the correct info, noone cares what I was told and I will not be able to prove it.

    Actually I cannot simply report that I am self employed, I have to ask for a permission, and pay a lot for it. I don't really like to pay upfront before I find out if I will make money at all or not. Okay I would put up with that BUT: from the very moment I reported, I have to pay. We have no minimum earnings per year, no nothing. Even if I do not make a cent, they come up with some imaginary amount of money, and I have to pay according to that. That is like 1000/ month. So let's say, I try a site, that does not pay me, does not work for me, charges back all may earnings or whatever, the tax office does not care, I have to pay like I make at least 1000 a month. As I mentioned around 70% here goes to taxes (if not some more), so I have to pay 700 a month even if I do not make anything or make less..
    (average wage you get in your hand is like 500 for a full month so it is ridiculus to pay 700 in taxes even if you didn't make a cent)

    Here where they rip you off like that it is worth risking non paying at least for a while. I would be gladly paying every month if it was a reasonable %, if they could give me proper informations about taxing and so on. But it is not like that here. I know I cannot get away in all my life without paying, but the question was about how much do other people have to pay in other countries, not "is it fine NOT to pay taxes?"

    I didn't work too much, I had so many other things to do, and have some other sources of incomes, so I'm not depending on my camming money yet. I made some money on Imlive, most of it was charged back, so I didn't give a fuck to it again. MFC I don't even try cause my english is not good enaugh for that site. Streamate is not that bad, but I have too little time to invest now, and it is not such a huge money this way, since the gold shows that I don't have yet. So all in all I only made lunch money so far and I saved at least 2500 dollars on taxes and other fees, because they don't care if in August ImLive stole my money, or I was moving in September so I had no internet to work and got a 65 dollar check only in that pay period. They still would have wanted me to pay like I made at least 1000 that month.

    Thank you very much for the infos by the way.

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    Default Re: How much taxes do you have to pay?

    I don't know but if you splitcam you pay more then just taxes.

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    Default Re: How much taxes do you have to pay?

    In the UK you will have to pay 22% of your profit which exceeds your tax allowance (usually profit above approx £6k) plus 8% for national insurance, unless you are in a higher tax bracket.

    I try to put aside 30% of all my profit so I have a safety net and when I do get my tax bill, there's a little left over in my savings account.

    In the UK, HMRC can also charge you half of next year's tax on account, but you can apply for a deferral of this.
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    Default Re: How much taxes do you have to pay?

    Just a little heads up that asking questions is fine, but personally I wouldn't admit to not paying tax on the boards ---- I don't know about America, but in the UK , HMRC are very very sneaky - In fact they are probably reading - Hello Tax man

    So just keep self incriminating in mind for ya own sakes when you write here .

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    Default Re: How much taxes do you have to pay?

    Quote Originally Posted by Glasses View Post
    differnet things
    I love that typo!
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