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Thread: How much do YOU usually pay the IRS for your taxes?

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    Senior Member Kaylee84's Avatar
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    Default How much do YOU usually pay the IRS for your taxes?

    Okay, so like a good amount of girls.. I have yet to file taxes. The whole idea terrifies me because I have heard horror stories about the government taking up to $20,000 of our hard earned cash! I can only rely on a home safe and lay low from the IRS for so long and I'm starting to wonder.. How to do them, and what to expect..?
    Any loopholes? Specific write offs? And how much do you owe them average per year?? I didn't do my tax returns last year, so I'm wondering what will happen if I don't do them before this April :/



    thanks!



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    Default Re: How much do YOU usually pay the IRS for your taxes?

    First, you need to get a good account.

    There aren't really any loopholes for camming (almost every site issues US girls 1099s with 100% of their income listed so they must claim 100% of it). I guess there are loopholes for dancing or escorting because its a cash business and if there are no 1099s, then there is no proof of how much you made aside from what you put in the bank the the payments/rent/utilities you paid. So it depends what you do in the industry.

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    Default Re: How much do YOU usually pay the IRS for your taxes?

    You can't compare your tax situation to someone else's and get an "average" unless you have the same earnings. Even then, you may be eligible for different tax credits, have different deductions, etc., etc.

    You won't be paying $20,000 unless you earned enough to fall into a tax credit with that high of a payout. There are non-shady ways to lower your income to go down a tax bracket as well (charitable donations, deductions, etc.).

    If you pay your taxes late, you will pay interest and a late penalty, so it's in your best interest to pay by April 15. If you can't afford to pay by that date, pay as much as you can to minimize the extra cost.

    Basically: read up and educate yourself on taxes or find yourself a reputable accountant.

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    Banned Melonie's Avatar
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    Default Re: How much do YOU usually pay the IRS for your taxes?

    In the way of answering your original question, every dollar of camming income that is reported via a 1099 from the webcam host will be subject to a 15.3% Social Security / medicare tax. Separate from that, depending on the actual amount of annual income reported via 1099's, camgirls will wind up paying anywhere from 0% ( = < $10k in TOTAL income ) to 10% ( = $30k in TOTAL income ) to 15% ( = $50k in TOTAL income ) to 20% ( = $75k in TOTAL income ) to 25% ( = $100k in TOTAL income ) in federal income taxes. The federal income taxes have a lot of variability based on marital status, children, home ownership, etc. as well as income level. And your state of Colorado will tack on another 3-4% in state income tax. So if you are a successful camgirl earning $1200 a week = $60k per year, you are unmarried, have no children, and do not own a home, indeed more than $20k of that could wind up going toward all of these taxes.

    I also made a point of referencing TOTAL income because, if the camgirl also has a 'straight' job, the effective tax rate on those 'straight' job earnings will be significantly higher than the normal amount withheld from 'straight' job paychecks after additional camming income is factored in.

    If it's any consolation, while I was still living in New York, my effective combined SSI + federal income tax + NY state tax + NY city tax rate was above 40%.

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