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When it comes to working for cash...how do you pay taxes?

my husband quit his job and works for cash and I have been making photo copies of the checks but that's about it...should I take out a certain percentage of each check and stick into a special account? at the end of the year I want to break even and not owe anything.
I am also aware of everything that is a tax write off so I save everything pertaining to that as well.

 
wheresthewayout

Asked by wheresthewayout at 10:54 PM on Jun. 13, 2011 in Money & Work

Level 29 (39,885 Credits)
This question is closed.
Answers (7)
  • Will he be receiving a 1099 at the end of the year? I would just put a certain amount back (preferably in a savings account). Continue to make photocopies of the checks and file them along with the receipts for the tax write off. If possible, I would also make a duplicate copy to store on your home computer as well.

    JeremysMom

    Answer by JeremysMom at 10:58 PM on Jun. 13, 2011

  • http://www.ehow.com/how_6620511_pay-security-taxes-cash-work.html

    It's too much to explain properly in a reply so here's a link above that might help you?
    KellyGirl_TX

    Answer by KellyGirl_TX at 11:31 PM on Jun. 13, 2011

  • 20% is a good number
    itsmesteph11

    Answer by itsmesteph11 at 10:58 PM on Jun. 13, 2011

  • Well, you can make your first estimated payment now. It is due June 15th. Tax day comes more frquently for some of us.
    LoveMyDog

    Answer by LoveMyDog at 8:32 AM on Jun. 14, 2011

  • You need to pay estimated taxes throughout the year. If you don't, you'll be penalized! Here's the IRS article on it. I think that you need to make payments 4 times per year.

    evwsquared

    Answer by evwsquared at 4:45 PM on Jun. 14, 2011

  • yes there will be a 1099 involved and I was thinking 10% of each check
    wheresthewayout

    Comment by wheresthewayout (original poster) at 11:17 PM on Jun. 13, 2011

  • that is a good link thanks for giving it to me
    wheresthewayout

    Comment by wheresthewayout (original poster) at 7:12 PM on Jun. 14, 2011

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