income tax

[robinoroyale]

my question is  do we have to pay income tax on the moneys we earn and cash out and do we have to declare this money on our income tax 

[BeccaGoga]

I think if you make under a certain amount of money ($600 I believe, could be mistaken though) you don't have to pay.

[Kfickes]

my question is  do we have to pay income tax on the moneys we earn and cash out and do we have to declare this money on our income tax 

We have to declare this money on your income tax return. You have to pay income tax on what your total income is for the year.

[duroz]

I think if you make under a certain amount of money ($600 I believe, could be mistaken though) you don't have to pay.

No, you're not mistaken BeccaGoga! $600.00 is the "cut-off" amount, anything over they require to be filed and taxed.

[txenakis]

Is it $600 in one year? I know I read somewhere that if you go over $600 that Fusion Cash has to take your SS#, but I was wondering if that means $600 in one year, or if it means when you go over $600 with Fusion Cash combined total for multiple years. Does anyone know?

[duroz]

Is it $600 in one year? I know I read somewhere that if you go over $600 that Fusion Cash has to take your SS#, but I was wondering if that means $600 in one year, or if it means when you go over $600 with Fusion Cash combined total for multiple years. Does anyone know?

The $600.00 is always for one year, whether it's FC or anyone else paying you for work.
As far as FC needing/taking your SS#, I just looked in the terms of service, and I found information about that in "Section IV. PAYMENTS ("CASHING OUT")"
It refers to delayed cashouts due to processing an IRS form W9, so I'm guessing that when you request a payment that will put you over the $600.00, they will require your SS# before they issue the payment.

But yes, the $600.00 is the maximum you can earn PER YEAR before they are required to issue tax forms, which I assume would be 1099s, not W2s. 

HTH!   

[dlennie]

Money made from surveys is taxable. And should be reported. The 1099 comes in play because the IRS requires business or such to issue after a certain amount. Now, whether you decide to report them, that is between you and your conscience.

[Cubboo]

Money made from surveys is taxable. And should be reported. The 1099 comes in play because the IRS requires business or such to issue after a certain amount. Now, whether you decide to report them, that is between you and your conscience.

?? Did u not read above it don't matter what u do to make the money as long as it's under 600 you dot have tO report it

[duroz]

?? Did u not read above it don't matter what u do to make the money as long as it's under 600 you dot have tO report it

T.Y. !!

[dlennie]

?? Did u not read above it don't matter what u do to make the money as long as it's under 600 you dot have tO report it

T.Y. !!

Why don't you call a tax preparer? They are in the offices now. You DO have to report. The amount does not matter. Whether you do or not, is the question.

[diala84]

In the past I have put income under "hobby income" if you don't get tax documents for the income (you should get it if your income is more than $600/yr on a given site). You still have to report it if it is under $600/yr.

[duroz]

?? Did u not read above it don't matter what u do to make the money as long as it's under 600 you dot have tO report it

T.Y. !!

Why don't you call a tax preparer? They are in the offices now. You DO have to report. The amount does not matter. Whether you do or not, is the question.

I'm sorry...my mistake, I was thinking of reporting only as forms being issued, and not the individual's reporting of it. 
You're right you are SUPPOSED to report it no matter the amount. (I wonder how many actually DO..??)
You WON'T get a 1099 for amounts less than $600.00, so this leaves it wide open for whether or not each person reports the income or not.
SORRY!

[dlennie]

Associates Degree in Accounting and 6 years of tax preparation comes in handy at times. 

[kyuen]

I dont think you have to unless you reach over like $600!

[dlennie]

I dont think you have to unless you reach over like $600!

Call your local HR Block and ask. Or google it. Or just don't claim it. I can't see that it will be a problem either way.