Taxes

[Nancy2]

I thought I would create this separate post so that those out there could help many of us who don't understand how the tax process works with regards to survey sites, i.e. what forms we are suppose to fill out, when we report, etc.

For those of you who are experienced in doing this any input and information you could post would really be helpful.

Thank you.

[idylatoo]

You are supposed to report ALL survey and GPT (get paid to) site income if you meet the requirements for paying taxes. (Meaning that if you pay taxes, you HAVE to report survey and gpt income.)

If you make $600 or more with a company, they will send you a form. This does NOT mean that you are not required to report income below this threshold. As I said in another post, there might not be a paper trail but if you get audited it could very well be an issue.

http://www.surveypolice.com/tips/incometax

http://wiki.answers.com/Q/How_do_you_en ... x_purposes

[Kafei-Nation]

You are supposed to report ALL survey and GPT (get paid to) site income if you meet the requirements for paying taxes. (Meaning that if you pay taxes, you HAVE to report survey and gpt income.)

If you make $600 or more with a company, they will send you a form. This does NOT mean that you are not required to report income below this threshold. As I said in another post, there might not be a paper trail but if you get audited it could very well be an issue.

http://www.surveypolice.com/tips/incometax

http://wiki.answers.com/Q/How_do_you_en ... x_purposes

What idylatoo said, and a little more:

If you earn more than $400, you are also responsible for paying self-employment tax. This covers the full share of Medicare / Social Security, which would normally be paid half by you and half by your employer. This is separate and apart from the income tax, though they are both reported on the 1040.

So truthfully, you need to account for your survey income at $400 and up, though you will only pay the self-employment portion of taxes until you cross $600, when you pay both.

Disclaimer: for expert tax advice, you should consult a tax professional (as opposed to a forum full of rank amateurs).

[Nancy2]

Thanks for your input. I just wanted to get some basic input, I know your not pros but thanks. I was just curious because it's not always easy to understand this kind of stuff.