Bank Deposit Recording

Tax question? If a person only made $400 from an employer in 2012, and no taxes were withheld,?

would he have to file for such a low amount earned? The employer was a sub contractor for a company and was fired shortly after my employment which caused him to lose his business. Last I heard he was not filing taxes any time soon and he never received my ssn. THANKS

You are required to report ALL income regardless of whether you received a form or not.

As for the $400 mentioned by another, this applies to the Schedule SE for Self Employment Tax which is both halves (employer/employee) FICA or social security & medicare.

“and he never received my ssn”

As for his not receiving your SS#, that’s a reporting requirement on his end, not yours. Failure to report this income IS tax evasion. If you are audited, the IRS can, and probably will, subpoena your bank deposit records. Banks scan EVERY check that is deposited or cashed through your account. If you do not report the income, the IRS will assess it, plus interest and penalties.

For $400, the tax is between $15 and $25. Do you really want to go to jail?

Recording Deposits in QuickBooks


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