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TAX QUESTION for hourly work. State & Federal -- Approximation. Help?
If I am looking for a nanny job and they are willing to pay $10 per hour WITH TAXES TAKEN OUT, how much is that equivalent to if I were to work under the table?
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What amount EQUALS $8 per hour under the table???
What dollar amount = equals = 8 dollars per hour ($8 paid under the table)?
Calm down, Im not asking for me. I'm asking for a dumb friend who does things on her own Will that I can not control.
3 Answers
- JudyLv 71 decade agoFavorite Answer
$10 would equal close to $11. But if you work under the table, you risk some serious fines if you get caught, and also aren't covered for unemployment, workers comp, and aren't building social security credits - hard to put a monetary value on those things.
- Anonymous1 decade ago
You can't legally "work under the table" so the question is meaningless.
Every year I get to talk to taxpayers who thought they were working under the table, accepted the lower pay and got caught. With child care all it takes is the parent filing for the child care credit. They have to list your name, address and SSN. Then the IRS checks to see if you reported the income and when it can't find the income, does a tax return for you anyway.
- ReneeLv 41 decade ago
FIRST IF YOU GET PAID UNDER THE TABLE YOU STILL HAVE TO CLAIM IT ON YOUR RETURN IF YOU HAVE A W2 OR NOT AND IF YOU GET PAID UNDER THE TABLE AND YOU HAVE NO KIDS YOU WILL END UP OWING ITS BEST TO GET A LEGIT JOB AND GET A W2 CAUSE THEY WILL CATCH ON THEY ALWAYS DO TRUST ME
Source(s): TAX PREPARER
