Tax

[Unknown]

Will I have to pay taxes for the adsense program becuase they asked for my SS #.

 

[ZuraX]

If you live in the US and make over $600 in a year, yes you will. Not sure about other countries...

 

[Unknown]

So will they deduct from your Adsense total or charge you?

 

[identity_00]

No, it is your responsibility to pay your own taxes.

If you're foreign, you still have to file paperwork. I dont know how domainhop gets away with that. I think they'll catch on eventually.

 

[Unknown]

I still dont understand this. You get taxed from the revenue you recive from Google?

 

[RJ]

As a citizen of the United States you are required to file income taxes. Revenue generated from Google would be considered taxable income, that you are responsible for reporting to the IRS and paying taxes on.

Since you're not an employee of Google, they don't take taxes out of your payments. Legally, you're considered an independent contractor. After the year ends, you'll receive a 1099 form from Google stating how much income you received in 2004. If you make over $500/yr, Google will report the amount to the IRS so it will be important you report that income come tax time.

 

[Unknown]

Oh. Ok, I'll have to change the SS to my mothers instead of my sisters.

 

[RJ]

Oh. Ok, I'll have to change the SS to my mothers instead of my sisters.

Just make sure they are aware of what you're doing, or they can end up in tax trouble if the income is significant. You do have your own SSN already. If you are living with parents, they use your SSN ever year to claim you on their tax returns. You could enter your own SSN with Google.

You are required to file a tax return if you make $400 or more a year from self employment. It's really not all that painfull if you make less than $10,000/yr

Link-> http://www.irs.gov/taxtopics/tc351.html

 

[Unknown]

I'm under age :P

 

[bensontwenty]

I'm under age :P

You're never underage when it comes to being able to be taxed! At least in the UK thats the case and I would presume that would be the case in most countries.

Just think, if there was an age limit that you had to reach before being able to be taxed, think of the number of businesses that would be legally owned by toddlers to avoid paying taxes!

 

[DSL]

I'm under age :P

Do you not get it? It doesnt matter if your underage. Or lets put it this way there is no such thing as being underage when filing taxes. Even if you have a job and your underage you still have to file taxes, and you still get taxes taken from you.

 

[Sergio965]

How do you pay the taxes if your underage?

I mean...ofcourse you have the pay the texas...but do you also have to fill in the paper thing?

 

[DSL]

Yes, for internet money. But offline the job usually does it for you.

 

[IAmAllanShore]

If you're underage then definitely use your social... You get an automatic standard deduction, so unless you've got another job somewhere, you're safe as long as you make less than $4,000 or so.

You have to claim income, technically, no matter the size. Google will automically report to the IRS any income over $600, but the right thing to do is to report any amount no matter what.

Mind you, not a tax lawyer, fool.com has a free bulletin board system with tax advice, might check out their opinion.

-Allan

 

[Unknown]

For Google I used my mom's SS, but for domainhop, i'm thinking of using mine.