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Answered in 18 minutes by:
10/2/2020
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 64,292
Experience: Taxes, Immigration, Labor Relations
VerifiedRegardless - you will need to report that informe on your tax return.
The issue is how you are classified?
If you are an employee - you will get W2 form reporting your wages.
Otherwise - your income would be considered as self-employment income.
That will affect HOW income is reported - but regardless of your classification - you have to report all your income.
Questions?
That is not correct.
You may tell that to your employer...
https://www.irs.gov/taxtopics/tc756
If you pay cash wages of $2,200 or more for 2020 (this threshold can change from year to year) to any one household employee, you generally must withhold 6.2% of social security and 1.45% of Medicare taxes (for a total of 7.65%) from all cash wages you pay to that employee, unless you prefer to pay your employee's share of social security and Medicare taxes from your own funds.
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 64,292
Experience: Taxes, Immigration, Labor Relations
VerifiedLev and 87 other Tax Specialists are ready to help you
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