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/biz/ - Business & Finance

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8077127 No.8077127 [Reply] [Original]

My father runs a small business and I just started working for him. I am 19 so I’ve never filed my own taxes since I’m still under my father taxes. I just got my first paycheck and I figured he would just give m cash or transfer money into my account but he gave me a business check and made copies saying he has to report it to the IRS. Does it benefit him in any way or am I just retarded? I have no knowledge of how taxes work. I know it’s probably illegal but who the fuck is gonna find out?

>> No.8077158

Schedule C brahh. SE tax.

>> No.8077174

>>8077127
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>> No.8077220

>>8077127

Yes it benefits him, and yes you are retarded.

A business takes in money through sales, it gives out money in expenses. What's left over is called profit.

He has to pay taxes on the profit, so it's important that he keeps track of all of his expenses so he doesn't get over-taxed.

You are an employee, so you are an expense. He takes takes out, but he also has to match the amount of taxes as his company-side tax.

He's not going to pay you off the books because he's being honest.

>> No.8077285

>>8077220
So when he gives me money for college or when I need to buy something then shouldn’t he just report that money as “for employee” or would the IRS figure out what’s going on?

>> No.8077304

>>8077285

Again, you are trying to be a criminal. Being a criminal is wrong.

>> No.8077393
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8077393

>>8077304
>taxation is theft

>> No.8077430

>>8077304
>Being a criminal is wrong
Strong disagree
What if the law is changed making it mandatory to kill your whole family? If you don't do that, then you're a criminal, which is WRONG.
Extreme example but you get the picture.

>> No.8077452
File: 14 KB, 480x360, Joe_Friday.jpg [View same] [iqdb] [saucenao] [google]
8077452

>>8077393

You really need a Joe Friday lecture.