FC Community
Discussion Boards => Payments => Topic started by: partha002 on February 12, 2011, 11:18:46 am
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Hey guys....Do we need to pay taxes on the money we make on FC?
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Yes you have to pay taxes if you make a certain amount of money.
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i didn't know that. ok how do i need to pay taxes? how it's work? any one help me. like income taxes?
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i've never heard of anyone having to pay taxes on this site. not unless you make a TON of money i'm guessing. most of us don't need to do that, even if you cash out $100 i'm sure you'll be fine. don't be worried by it, i've cashed out 6 times already and i've never had to pay any taxes.
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Hey guys....Do we need to pay taxes on the money we make on FC?
A member on Fushioncash is considered an independent contractor. If you make $600.00 or over in a year, you will receive a 1099 form to submit when you file your federal income taxes. I'm not a tax expert by far and if anyone has any pertinent information to add to this posting, please do so.
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It would be extremely hard to make 600 dollars in a year i would think
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We have to pay taxes as long as the American citizens do not vehemnetly oppose it.
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Hey guys....Do we need to pay taxes on the money we make on FC?
I don't know how much you make a year to file tax. But I know it's will tax you if you make more than amount of money. You should find out by the admin.
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Hey guys....Do we need to pay taxes on the money we make on FC?
Not positive, but I believe you only have to pay taxes on $500. + per year.
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Yes, you are automatically sent a 1099 Form from FusionCash if you earn more than $600 in a year, which you will need to file when doing your taxes. I received my 1099 a few weeks ago and already filed. Legally, you are supposed to report any extra earnings made during the tax year but companies like FusionCash are only required to send 1099's etc on earnings of more than $600.
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You need to pay taxes on all income earned regardless of how much you make.
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You need to pay taxes on all income earned regardless of how much you make.
Not true. If you don't make enough, you don't have to pay taxes.
According to the IRS website, it's $400 instead of $600. These types of sites count as "self-employed". Has it changed from $600?
http://www.irs.gov/individuals/article/0,,id=96623,00.html
To determine if you need to file a Federal Income Tax return for 2010 answer the following questions:
Occasionally, individuals have one-time or infrequent financial transactions that may require them to file a Federal Income Tax return. Do any of the following examples apply to you?
Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back?
Are you entitled to the Earned Income Tax Credit or did you receive Advance Earned Income Credit for this tax year?
Were you self-employed with earnings of more than $400.00?
Did you sell your home?
Will you owe any special tax on a qualified retirement plan (including an individual retirement account (IRA) or medical savings account (MSA)? You may owe tax if you:
Received an early distribution from a qualified plan
Made excess contributions to your IRA or MSA
Were born before July 1, 1939, and you did not take the minimum required distribution from your qualified retirement plan.
Received a distribution in the excess of $160,000 from a qualified retirement plan.
Will you owe social security and Medicare tax on tips you did not report to your employer?
Will you owe uncollected social security and Medicare or Railroad retirement (RRTA) tax on tips you reported to your employer?
Will you be subject to Alternative Minimum Tax (AMT)? (The tax law gives special treatment to some kinds of income and allows special deductions and credit for some kinds of expenses.)
Will you owe recapture tax?
Are you a church employee with income in wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social security or Medicare taxes?
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Hey guys....Do we need to pay taxes on the money we make on FC?
A member on Fushioncash is considered an independent contractor. If you make $600.00 or over in a year, you will receive a 1099 form to submit when you file your federal income taxes. I'm not a tax expert by far and if anyone has any pertinent information to add to this posting, please do so.
I think you are correct I remember reading that when Paypal announced that they would be submitting forms to the Gov't if you earned a certain amount....$600.00 or more in a year there are some who do that on this site It is each individual's responsibility for their taxes. :wave:
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only if you made 600 or more and gpt sites will send a 1099 form if you did. but yes you do pay taxes on the money earned unless you make under 600.00. :thumbsup:
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Thanks for the answer...that is helpful.
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You need to pay taxes on all income earned regardless of how much you make.
Not true. If you don't make enough, you don't have to pay taxes.
According to the IRS website, it's $400 instead of $600. These types of sites count as "self-employed". Has it changed from $600?
http://www.irs.gov/individuals/article/0,,id=96623,00.html
To determine if you need to file a Federal Income Tax return for 2010 answer the following questions:
Occasionally, individuals have one-time or infrequent financial transactions that may require them to file a Federal Income Tax return. Do any of the following examples apply to you?
Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back?
Are you entitled to the Earned Income Tax Credit or did you receive Advance Earned Income Credit for this tax year?
Were you self-employed with earnings of more than $400.00?
Did you sell your home?
Will you owe any special tax on a qualified retirement plan (including an individual retirement account (IRA) or medical savings account (MSA)? You may owe tax if you:
Received an early distribution from a qualified plan
Made excess contributions to your IRA or MSA
Were born before July 1, 1939, and you did not take the minimum required distribution from your qualified retirement plan.
Received a distribution in the excess of $160,000 from a qualified retirement plan.
Will you owe social security and Medicare tax on tips you did not report to your employer?
Will you owe uncollected social security and Medicare or Railroad retirement (RRTA) tax on tips you reported to your employer?
Will you be subject to Alternative Minimum Tax (AMT)? (The tax law gives special treatment to some kinds of income and allows special deductions and credit for some kinds of expenses.)
Will you owe recapture tax?
Are you a church employee with income in wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social security or Medicare taxes?
It actually it is true. All income is subject to federal income tax. The $400 dollar limit is for self-employment tax, which is an additional tax. That limit has been $400 for as long as I can remember.
Filing requirements and actual taxes owed will depend on one's own circumstances, but all income is subject to Federal Income tax.
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Thank you Hawkeye for answering the question about taxes in detail.
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Indeed, thanks Hawkeye :)
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So if you use say 5 separate sites but the total adds up to more than 600 you have to file?
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Yes, you are automatically sent a 1099 Form from FusionCash if you earn more than $600 in a year, which you will need to file when doing your taxes. I received my 1099 a few weeks ago and already filed. Legally, you are supposed to report any extra earnings made during the tax year but companies like FusionCash are only required to send 1099's etc on earnings of more than $600.
Thanks for sharing your knowlege..much appreciated. I didn't know that.
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Yes, if you get a certain amount.
Normally they tell you.
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Technically, yes, it is income, regardless of the amount. There may not be SE taxes due, but income taxes still may be due depending on your situation.
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:notworthy: :notworthy: Yes, Yes, Yes, and IF you find a penny on the ground, you are suposed to report that on your taxes too. SO that the illegal aliens can get FREE health care and FREE foodstamps, and FREE education for their anchor babies, and FREE Section 8 housing, OR so that the government can give billions in FOREIGN AIDE to some country that will turn around and murder you or your children. Now that is a real American, right there. :notworthy: :notworthy:
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:notworthy: :notworthy: Yes, Yes, Yes, and IF you find a penny on the ground, you are suposed to report that on your taxes too. SO that the illegal aliens can get FREE health care and FREE foodstamps, and FREE education for their anchor babies, and FREE Section 8 housing, OR so that the government can give billions in FOREIGN AIDE to some country that will turn around and murder you or your children. Now that is a real American, right there. :notworthy: :notworthy:
And if/when you end up in a situation where you need one of the FREE services they tell you that you've made too much and it's all b/c of the extra penny you found that they made you put on your taxes ;) But in all seriousness yes, it is unfortunate that some people manage to get stuff FREE left and right but others who you know are struggling "make too much" are "overqualified" etc etc. :wave:
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You need to pay taxes on all income earned regardless of how much you make.
Not true. If you don't make enough, you don't have to pay taxes.
According to the IRS website, it's $400 instead of $600. These types of sites count as "self-employed". Has it changed from $600?
http://www.irs.gov/individuals/article/0,,id=96623,00.html
To determine if you need to file a Federal Income Tax return for 2010 answer the following questions:
Occasionally, individuals have one-time or infrequent financial transactions that may require them to file a Federal Income Tax return. Do any of the following examples apply to you?
Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back?
Are you entitled to the Earned Income Tax Credit or did you receive Advance Earned Income Credit for this tax year?
Were you self-employed with earnings of more than $400.00?
Did you sell your home?
Will you owe any special tax on a qualified retirement plan (including an individual retirement account (IRA) or medical savings account (MSA)? You may owe tax if you:
Received an early distribution from a qualified plan
Made excess contributions to your IRA or MSA
Were born before July 1, 1939, and you did not take the minimum required distribution from your qualified retirement plan.
Received a distribution in the excess of $160,000 from a qualified retirement plan.
Will you owe social security and Medicare tax on tips you did not report to your employer?
Will you owe uncollected social security and Medicare or Railroad retirement (RRTA) tax on tips you reported to your employer?
Will you be subject to Alternative Minimum Tax (AMT)? (The tax law gives special treatment to some kinds of income and allows special deductions and credit for some kinds of expenses.)
Will you owe recapture tax?
Are you a church employee with income in wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social security or Medicare taxes?
It actually it is true. All income is subject to federal income tax. The $400 dollar limit is for self-employment tax, which is an additional tax. That limit has been $400 for as long as I can remember.
Filing requirements and actual taxes owed will depend on one's own circumstances, but all income is subject to Federal Income tax.
Wonderful list guys! But as always everyone remember it is best to check with a tax professional, if they changed it to $400 that is new to me too! :wave:
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I was told about a few months ago it was 500.00 in a year. That was my tax agent that told me that.
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yeah because 100 a month isn't really worth collecting tax from =P
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Yes, you have to pay taxes on your money with Fusion Cash.
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This was very informing because I was wondering the same thing, so
Do you claim it as a form of income when filing your taxes?
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I believe they changed it to $400.00 this year, which used to be $600.00 If I'm not mistaken PayPal is if you withdrawal more than $400.00 a year they will turn it in. Just something we all need to learn more about cause they change so many things each year. My mother completes other people's taxes so I leave it all up to her when she completes mine. :) She can keep up on all those changes better than I can.
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I believe they changed it to $400.00 this year, which used to be $600.00 If I'm not mistaken PayPal is if you withdrawal more than $400.00 a year they will turn it in. Just something we all need to learn more about cause they change so many things each year. My mother completes other people's taxes so I leave it all up to her when she completes mine. :) She can keep up on all those changes better than I can.
You have always had to pay self employment tax if you made more than $400 in a year from self-employment. The $600 figure has to do with the filing of 1099's, which is something different. None of that has changed.
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if you read tax laws you are to report any income you have. including if you have a garage sale or if you sell your stuff on eBay that is all income. if you are unsure keep track of you stuff and ask a tax preparer when you do your taxes.
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Yes you have to pay taxes if you make a certain amount of money.
now i can see if the gov. where giving out money beside that's not going to happen these guy are giving you money which is cool they are not the greedy kind.
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i hope not i dnt want to
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Hi, I was a tax preparer for 2 years so I know you would. You have to put it under other income on your federal 1040 or fed return. Then it will transfer to the state you're in if you file online or you could do manually also.
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Anything under $300 from any one source you can go without reporting.
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Anything under $300 from any one source you can go without reporting.
Not true.
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I'm not worried about paying taxes on this.
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When it comes down to it, this is typically considered incidental income. Like having a garage sale, etc. Now, if reaches a certain threshold, and you are 1099'd, it is expected to be taxed. (20yrs experience in finance) :)
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Yes if you make over a certain amount on FC.
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i've been wondering the same thing
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Hi, I was a tax preparer for 2 years so I know you would. You have to put it under other income on your federal 1040 or fed return. Then it will transfer to the state you're in if you file online or you could do manually also.
Actually you don't have to unless you reach a certain amount
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what he said
Anything under $300 from any one source you can go without reporting.
of course you can heck with the IRS web and phone
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Everything that you report on your taxes is voulentarily reported by you. The fact that you even file taxes is voulenteered by you. NOW---That being said----Keep in mind that IF you work and they send you a W2 OR a 1099 at the end of the year, then they have already reported that amount to the IRS on your behalf. Sooooo when and IF you choose to file your taxes, then you better report everything that has already been reportd to them.
Fushion Cash will REQUIRE you to fill out tax information papers after you earn $600. However I do not know IF that is $600 TOTAL, or $600 in any given year. I think it should be $600 in any given year, but you can check with support on that.
My question to you is---IF you find a penny on the street and pick it up, are you going to report that on your taxes?? I know that I AM NOT!! The dammed government would just take and give it to some foreign government, and illegal alien, some lazy *bleep* who won't work, or some Washington burearecrat!! :BangHead: :BangHead:
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It depends on how much money you earn.
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IF you want to know the TRUTH about income taxes----you should watch this film by that GREAT AMERICAN film maker, Aaron Russo.
www.freedomtofascism.com Just scroll down the page on the right hand side. You will be amazed and mad as hell. :BangHead: :BangHead:
OR you can just Google Joe Bannister He is an Ex IRS Agent.
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Those darn taxes! :BangHead:
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According to soverign rights we are not supposed to have to pay taxes. It all depends on if people actually wake up and do what they call a standing. Change yourself from defacto to dejure status with the courts. There fore your no longer a capital letter person fictitious. Its something Im thinking about doing. :dontknow: how to yet
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Taxes were only supposed to be a temporary thing... but greedy politicians continued it. It was only supposed to help during the Civil War here in America, in 1860/61 I think. Also when it was put into "law" at the time it was not meant for everyone, it was only at the time a small percentage like 2-3% of Americans who made over a certain amount of money, I think the amount was like $900.00. It was supposed to end, when the war ended, since it was only supposed to help with the war effort. Within 5 years of the tax being put into action, they had collected over 300 million. Now here is the thing to think about... if they collected OVER 300 million, in 5 years time, just by collecting from Americans who made like $900.00, and they were only collecting a itsy bitsy percentage... just HOW much do they collect now? Seriously think about it... I can not even fathom the amount the government collects from us Americans now... our hard earned money, yet our country is on the verge of bankruptcy so to speak? Ok I am done, LOL. I usually don't get this "educational" on here, but I actually was looking this stuff up a few weeks ago, when a friend of mine and I were talking about taxes LOL. I had told my friend about this, without the "facts", just told from what I remembered from learning long, long ago. Anyway I went online to show my friend the "facts" cuz he did not believe it was originally supposed to be a temporary thing.
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what he said
Anything under $300 from any one source you can go without reporting.
of course you can heck with the IRS web and phone
This is incorrect. There is no $ figure per source. They look at things in aggregate, so any income, from any source is reportable regardless of how much it is.
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Everything that you report on your taxes is voulentarily reported by you. The fact that you even file taxes is voulenteered by you. NOW---That being said----Keep in mind that IF you work and they send you a W2 OR a 1099 at the end of the year, then they have already reported that amount to the IRS on your behalf. Sooooo when and IF you choose to file your taxes, then you better report everything that has already been reportd to them.
Fushion Cash will REQUIRE you to fill out tax information papers after you earn $600. However I do not know IF that is $600 TOTAL, or $600 in any given year. I think it should be $600 in any given year, but you can check with support on that.
My question to you is---IF you find a penny on the street and pick it up, are you going to report that on your taxes?? I know that I AM NOT!! The dammed government would just take and give it to some foreign government, and illegal alien, some lazy *bleep* who won't work, or some Washington burearecrat!! :BangHead: :BangHead:
It's not really voluntarily when it's the law. Sure, you can voluntarily decide to break the law, but we all know that there are going to be consequences.
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Yes, Render unto Ceasar what is Caesar's which means YES you have to pay taxes... oh well, life is hard... but FusionCash is FREE money!!!