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Thread: taxes... help?

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    Default taxes... help?

    okay so i live in nj and have been working at club risque for about 3 months now. I've never filed for taxes before, i am a full-time student and also work another part time job and am still dependent on my parents. I was told that because I work another job I don't have to worry about filing for taxes, when it comes to taxes I am just completely lost. Can someone help me out here?

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    Default Re: taxes... help?

    Well, I mean, it's easier to get away with not paying taxes on your dancing income if you've got another stream of income like from your part-time job, but that doesn't mean you don't have to worry about it as you are supposed to pay taxes on *all* earned income.

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    Default Re: taxes... help?

    ask your club if they send out 1099s. if they do, all you have to do is take it to an accountant and they will take care of it.

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    Default Re: taxes... help?

    Quote Originally Posted by urbankitty View Post
    I was told that because I work another job I don't have to worry about filing for taxes, when it comes to taxes I am just completely lost. Can someone help me out here?
    You were told wrong. You must report ALL INCOME regardless if they send you a 1099 or not. So you would be reporting your dancing income AND your vanilla income on your tax return.

    And be aware that how much you earn will effect your ability to get student aid, and since you are dependent on your parents are they claiming you on their tax return? Might want to check because they cannot claim you if you also claim yourself.
    xoxo ~ Sarah




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    Default Re: taxes... help?

    By the letter of the law, you have to report the income from both your 'vanilla job' as well as your dancing earnings. The amount of taxes due i.e. the 'effective' tax rate percentage you must pay, is a function of the TOTAL of these two income sources. However, your 'vanilla job' employer's payroll system doesn't know about your dancing income. Thus ...

    A. you'll probably wind up owing somewhere around 28% of your dancing earnings in taxes ... 15% Social Security ( = 'self-employment' tax ) + 10% federal income tax + 3% state income tax

    B. the amount of estimated taxes being withheld from your 'vanilla job' paychecks will probably be insufficient to cover the actual amount of federal and state imcome taxes that will be due on your 'vanilla job' income because your paychecks are not your only source of taxable income and higher income = higher tax bracket.

    On top of this, if you are a college student and a dependent of your parents ...

    1. Depending on the total amount of your dancing + vanilla job earnings, versus your parents' total earnings, your parents may have difficulty claiming you as a dependent if you separately file your own tax return.

    2. Since FAFSA grant / loan approvals are dependent on the amount of 'total household income' ( i.e. parents' income plus your income ) reported by your parents on the FAFSA application, technically speaking you need to inform them of your dancing + 'vanilla job' income before they file a spring 2013 FAFSA form. The IRS, college bursars offices, FAFSA, the NJ state tax agency etc. all share information with each other ... thus it is guaranteed that any discrepancies between actual tax filings and actual FAFSA filings will wave 'red flags' immediately.

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    Default Re: taxes... help?

    Urban Kitty, you are also claimed on your parents' tax return as a dependent. That means you'll have to forego yourself as a dependent. That means you lose $3800 in deductions for yourself. You might also trigger problems for your parents on their tax return. Time to see a CPA and probably time to talk with your folks.

    HTH
    Z

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