Liability & Legality

#1 (permalink)

I was thinking about taxes, and it occurred to me, How does YPN take care of income taxes. Do they do it before or after the bank transfer?

-Matthew

#2 (permalink)

Are you talking about if you choose for them to withhold your taxes?

I'm pretty sure you have to report the income yourself, they just mail the forms?

#3 (permalink)

When you are paid for a service (contract) the payer does not take out taxes. This makes you the business person who must report the income and pay taxes on it as a self-employed individual. If you were an employee of YPN, they would withhold taxes.

Since this isn't an employee/employer relationship, you pay taxes (either monthly, quarterly or at the end of the year) appropriately. See a local CPA about your particular instance.

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Its not really about the money,
Frito

#4 (permalink)

Oh ok. Thank you for clearing that up. It's kind of useful to be able to know that when the tax age comes around.

-Matt

#5 (permalink)

No matter what your age, if you live in the US and make money, you have taxes. Everyone has a certain amount they can make without taxation. But everyone has a limit amount. When you reach that, no matter your age, you pay taxes.

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Its not really about the money,
Frito

#6 (permalink)

Hmm... where can I find info on this?

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#7 (permalink)

No. Although, you can have them hold 30% of your income as tax but I wouldn't suggest.

No matter what age you are, if you make more than I believe $400 a year, you have to pay taxes.

#8 (permalink)

And regardless of how much you make, you'd still have to file a tax return saying you didn't make anything

I don't recommend having them withold your taxes either, because you won't end up paying 30% of taxes in most cases.

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