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Post by olmucky on Jul 12, 2024 9:27:32 GMT -5
Am I reading this correctly
If a kid makes $600 in a year or more mowing lawns or babysitting and they’re paid via venmo they have to file a 1099 for taxes?
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Post by biminitwisted on Jul 12, 2024 10:08:32 GMT -5
Financial institutions have know your customer rules, red flag rules, and reporting requirements, go figure.
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Post by johngalt on Jul 12, 2024 10:10:31 GMT -5
Kids will learn the hard way that cash is king👍
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Post by mapper on Jul 12, 2024 10:16:41 GMT -5
Kids need a history lesson in dead presidents. They can review it by holding pictures of Washington, grant, Jackson in their hands.
One of my favorite non presidents is franklin..
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Post by ferris1248 on Jul 12, 2024 10:32:14 GMT -5
If you have kids in your life, (kids, grandkids, nieces, nephews, etc) I'd highly recommend this book. Even in my 70s I gleaned knowledge and reinforcement from reading it. I ordered one for all 4 of our children and also one for our older grandkids. (It says for beginners but that's not really true.) "YOUR FUTURE IS NOW" "A GUIDE TO UNDERSTANDING YOUR FINANCES AND GAINING INDEPENDENCE" BY JEFFREY PANIK ‧ RELEASE DATE: APRIL 30, 2024 www.kirkusreviews.com/book-reviews/jeffrey-panik-1/your-future-is-now/ |
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Post by meateater on Jul 12, 2024 10:52:16 GMT -5
If you have kids in your life, (kids, grandkids, nieces, nephews, etc) I'd highly recommend this book. Even in my 70s I gleaned knowledge and reinforcement from reading it. I ordered one for all 4 of our children and also one for our older grandkids. (It says for beginners but that's not really true.) "YOUR FUTURE IS NOW" "A GUIDE TO UNDERSTANDING YOUR FINANCES AND GAINING INDEPENDENCE" BY JEFFREY PANIK ‧ RELEASE DATE: APRIL 30, 2024 www.kirkusreviews.com/book-reviews/jeffrey-panik-1/your-future-is-now/ thanks mike huckabee.  |
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Post by ferris1248 on Jul 12, 2024 10:58:38 GMT -5
If you have kids in your life, (kids, grandkids, nieces, nephews, etc) I'd highly recommend this book. Even in my 70s I gleaned knowledge and reinforcement from reading it. I ordered one for all 4 of our children and also one for our older grandkids. (It says for beginners but that's not really true.) "YOUR FUTURE IS NOW" "A GUIDE TO UNDERSTANDING YOUR FINANCES AND GAINING INDEPENDENCE" BY JEFFREY PANIK ‧ RELEASE DATE: APRIL 30, 2024 www.kirkusreviews.com/book-reviews/jeffrey-panik-1/your-future-is-now/ thanks mike huckabee. Did Mike recommend that book too? He's sharper than he looks.  |
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Post by cadman on Jul 12, 2024 11:30:01 GMT -5
Am I reading this correctly If a kid makes $600 in a year or more mowing lawns or babysitting and they’re paid via venmo they have to file a 1099 for taxes? No, the person who paid them more than $600 a year is supposed to file a 1099 on them and give them a copy. The employer would need their social security number. Venmo is just filing the 1099 as a payment through their service as required by law. The kid would not need to file taxes unless his income was more than $13,850. It could also affect their parents claiming them as an exemption at that point. The trick is not to pay any one individual more than $600 and you don't have to file 1099s. With Venmo and PayPal and such it gets more complicated since multiple people could use the app to pay the kid. But unless he makes more than $13,850 he still has no return to file . For most private individuals who give the kid cash, neither party is recording it for tax purposes anyways, so the government will never know about it. If I was the kid, cash only. |
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Post by jcbcpa on Jul 12, 2024 11:57:28 GMT -5
Earned income over $400, a return has to be filed to pay self employment taxes.
Or I should say if 1099 over $400 a return has to be filed whether or not there is a net income.
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Post by cadman on Jul 12, 2024 12:10:00 GMT -5
Earned income over $400, a return has to be filed to pay self employment taxes. Or I should say if 1099 over $400 a return has to be filed whether or not there is a net income. Poor kid, I would still only take cash and not give them a social. I forgot the FICA taxes, just thinking income. |
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Post by meateater on Jul 12, 2024 12:14:12 GMT -5
Earned income over $400, a return has to be filed to pay self employment taxes. Or I should say if 1099 over $400 a return has to be filed whether or not there is a net income. Poor kid, I would still only take cash and not give them a social. I forgot the FICA taxes, just thinking income. you sound like your hero trump, did you go to his business school or just read his books. |
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Post by cadman on Jul 12, 2024 12:21:31 GMT -5
Poor kid, I would still only take cash and not give them a social. I forgot the FICA taxes, just thinking income. you sound like your hero trump, did you go to his business school or just read his books. I read one of his books. It was not that good. |
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Post by olmucky on Jul 12, 2024 13:50:14 GMT -5
The daughter is getting paid quite well with venmo on side gigs this year: dog sitting(pays better than kid) kid sitting kid chauffeuring
And she has a regular job but PT.
She was paid $500 for 5 days dog watching.
And they may be going another week (7 days)
I wondered if all these transactions will raise a flag
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Post by cadman on Jul 12, 2024 16:22:41 GMT -5
The daughter is getting paid quite well with venmo on side gigs this year: dog sitting(pays better than kid) kid sitting kid chauffeuring And she has a regular job but PT. She was paid $500 for 5 days dog watching. And they may be going another week (7 days) I wondered if all these transactions will raise a flag If she gets a 1099 it probably will. |
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