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A single mother with 3 minor children works as a waitress for

minimum wage plus tips but...
A single mother with 3 minor children works as a waitress for minimum wage plus tips but employer pays her in cash and doesn't withold anything from her pay tells her she will have to quit her job if he has to pay witholding taxes from her meager pay. What should she do? Thankyou!!
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11/3/2013
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,220
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Lane :

Hi,

Lane :

Sorry to hear about our dilemma .. but there might be a way to handle it

Lane :

Remember ... withholding is just that (It's not really a direct tax payment, it's a withholding AGAINST whatever you will end up owing, once you do your taxes, for that tax tax - the following April)

Lane :

sorry for the typo ... do our taxes for that tax "year>"

Lane :

SO, if it turns out that, with your dependency exemption, (plus your personal exemption and standard deduction) that you wouldn't have owned anything and it would have been refunded to you ANYWAY, you're just getting that money sooner rather than later...... .... NOW ...

Lane :

If it turns out that you are making enough that you WOULD owe something, then you can use this little 1/w2 pahe voucher to send in the estimated payments yourself (essentially doing your OWN withholding): Form 1040-ES

Lane :

"1/2/ page" voucher (just click on the link I provided)

Lane :

I can use a model I have to project your taxes for 2013 to see if you need to worry about it either way, if you want to just estimate for me about what you'll make for the year

Lane :

Let me know

Lane :

Lane

Lane :

I still don't see you coming into the chat session, so I'll move us to the "Q&A" mode. … Maybe that will help … (We can still continue a dialogue there, just not in real-time chat, as we can here)

Lane :

Again, let me know,

Lane :

Lane

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,220
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Lane and 87 other Tax Specialists are ready to help you
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Hi Sandy,

... just checking back in here, (since I never saw you come into the chat)


Please let me know if you want me to run the numbers for you, or if you have other questions on this

Lane
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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,422
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Different expert here - Welcome. My name is XXXXX XXXXX it will be my pleasure to assist you with your tax question today.

 

It has been my experience that those of my clients who are paid in cash utilize Schedule C to report their income (your wages plus tips) for inclusion on their 1040. I make mention of this because you stated in your original question that you have 3 minor children, and it sounds like there is a very good possibility that you will qualify for both the child tax credit and earned income credit, which would alleviate any tax liability on your part. Rather, you would be receiving a refund.

 

My best advice to you would be to keep a detailed log of the dates and amounts of money that you receive.

 

Please let me know if you require further information or clarification on this.

 

Thank you and best regards,

Barb

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Regarding the intervening expert, you can do it that way (using schedule C, but if you dont have business expenses, this won't really provide you with any benefit.

In MY experience you report on line 7 of form 1040, where it says "Wages Salaries, Tips. etc,"

Regardless that's not the issue here, either way you will still have the option of taking your dependency exemptions, standard deduction and any credits coming to you for a refund.

And again, should you want to do a projection, I'm here for you.

Thanks
Lane
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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,220
13,220 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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