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No tax for other websites?

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badgirlali

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Mar 2, 2017
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badgirlali
So mfc doesn't take out your taxes, which creates me having to save up to make sure i can cover it next year :worried: Is there any websites that does take your taxes out?
 

Nikola Tesla

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You do not technically work for MFC. You are an independent contractor. I think that this applies to all camsites.
You might want to look into paying quarterly taxes so it isn't such a big hit once a year. Ask around for the @taxguy that some cam models use as an accountant.
 
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Serenity_Tam

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As mentioned no site does.

What I do is take the percentage that I would be paying for taxes and put it in a high interest savings account. At the end of the year when tax time comes I have the money and typically I over save so then there's a little bit of fun money during an unfun time. I feel like taking the money out for me ensures I don't think I have more than I do and I can realistically see how much I actually make.
 

badgirlali

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Mar 2, 2017
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badgirlali
As mentioned no site does.

What I do is take the percentage that I would be paying for taxes and put it in a high interest savings account. At the end of the year when tax time comes I have the money and typically I over save so then there's a little bit of fun money during an unfun time. I feel like taking the money out for me ensures I don't think I have more than I do and I can realistically see how much I actually make.
thank you:) not really sure what a high interest savings account is but i'll look into it. I do have a savings account though. On the other hand, what's the percentage?
 

Serenity_Tam

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thank you:) not really sure what a high interest savings account is but i'll look into it. I do have a savings account though. On the other hand, what's the percentage?
Percentage for what? Interest you.make? It depends on the bank a d your history with the bank.

Percentage for taxes? It depends on where you live. If there's a federal tax and a provincial tax or just one. Google it for where you live. You can look on your governmental tax website.
 

badgirlali

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Mar 2, 2017
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badgirlali
Percentage for what? Interest you.make? It depends on the bank a d your history with the bank.

Percentage for taxes? It depends on where you live. If there's a federal tax and a provincial tax or just one. Google it for where you live. You can look on your governmental tax website.
I live in florida, it says it's 6%. Unless
i read the wrong part. Let's say i made 6000 a year, would i just have to pay 360?
 

Serenity_Tam

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I live in florida, it says it's 6%. Unless
i read the wrong part. Let's say i made 6000 a year, would i just have to pay 360?
If you're doing this job you should have looked this up before starting.

I feel like there are certain things people need to figure out as adults. No one here is going to spoon-feed you on how to do your taxes. Research it and make sure you're looking at the right numbers. Be responsible. 6% of 6000 is in fact 360. Is that what you pay? I don't know. If you do your reading you will know and not have to ask.

Filing taxes can be so confusing, but I think it's really important to do your basic start research on your own. There are a few threads here in Mo where we defs hold hands through taxes but like you're going to need the basics down.
 
Oct 31, 2011
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I live in florida, it says it's 6%. Unless
i read the wrong part. Let's say i made 6000 a year, would i just have to pay 360?
I agree that you need to do your own research, but I'd hate to see you get badly bitten at tax time, so...

You should plan to set aside much more than 6%.

In the US, you will generally have to pay federal income tax. As a self-employed independent contractor, you will generally also have to pay federal self-employment tax. Both of these are usually much larger than any state income tax.

The 6% you quoted is actually the tax charged in Florida when you buy something ("sales tax"). Florida does not have an income tax. There may be other state taxes that do apply to you.

Now do your research. :)
 
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For most people you should be looking at saving 20%-34% for taxes at the end of the year. Now after deductions you may pay less but unless you're homeless, native american or a convict you're probably not going below 20% being owed. Also note that you can't even use deductions if someone claims you as a dependent, unless you want them to get in trouble you may have to tell them that they can't claim you.

Also to note. You'll probably have to PAY someone or for a program to file your taxes also. Expect $60-$200 for that also depending on how complicated they get.
 

ExcellaExe

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For most people you should be looking at saving 20%-34% for taxes at the end of the year. Now after deductions you may pay less but unless you're homeless, native american or a convict you're probably not going below 20% being owed. Also note that you can't even use deductions if someone claims you as a dependent, unless you want them to get in trouble you may have to tell them that they can't claim you.

Also to note. You'll probably have to PAY someone or for a program to file your taxes also. Expect $60-$200 for that also depending on how complicated they get.
Eh, even we Natives can pay pretty high taxes, especially if we live off rez. Actually, if we don't live on rez we tend to pay pretty close to "normal" taxes. Sure, I get a deduction, but it's not anywhere near what most people think it is. From the BIA

Do American Indians and Alaska Natives pay taxes?
Yes. They pay the same taxes as other citizens with the following exceptions:

  • Federal income taxes are not levied on income from trust lands held for them by the U.S.
  • State income taxes are not paid on income earned on a federal Indian reservation.
  • State sales taxes are not paid by Indians on transactions made on a federal Indian reservation.
  • Local property taxes are not paid on reservation or trust land.
But, everything else is true.
 
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JerryBoBerry

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paying for taxes and put it in a high interest savings account.
not really sure what a high interest savings account is but i'll look into it.
If you're in America, then realistically you won't find a high interest savings account. You'd be hard pressed to find an ANY interest savings account. About the best around are online savings accounts which offer 1.00% to 1.05% for the top of the line.

My local bank doesn't even offer interest bearing accounts of any kind.
 

AudriTwo

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Usually credit unions have high interest saving accounts. Also get a CPA if you no shit about taxes.
 
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