A few days ago
Off-the-books job, taxes, and financial aid?
Right now i am going to school full time and working part time. Both of my part time jobs are off the books. I am wondering what this will do to me once tax time comes around. Should i still file taxes? Will this screw me up somehow? Also, will this affect my FAFSA or student aid in the future? Thanks.
Top 2 Answers
A few days ago
Favorite Answer
I clean house for a living and I get paid by cash and personal check with dependents I was able to acutlay file a return and get a tax refund, I also get FAFSA and it did not affect my funds by marking will file. My efc contribution is zero. Who ever answered first sounded angry they must work for the IRS.
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A few days ago
By “off the books” do you mean that you will receive a 1099 at the end of the year and therefore be paying in your federal income taxes plus your FICA (6.2% for SS and 1.45% MED, X2 since your employer is not paying in the matching half of this so with a 1099 you are responsible for both portions)
OR
by “off the books” are you referring to an illegal activity where you are paid unreported cash money and your employer keeps it hidden from the IRS also?
If you have been filing your ES (estimated tax payments) that are due in Advance, Not after you have been paid then you should have no problems.
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