<p>I have a question. I got my 3rd paycheck and i get payed 500 dollars a month. I want to put my job in my college application. MY boss pays me by writing out a check to me. Am I supposed to pay tax or have anything to prove that I was working and got payed the amount I said I got payed?</p>
<p>I haven't seen any schools ask for proof of employment on applications; they tend to trust that you're being truthful about your employment as you are with other parts of your application. But yes, if you are being paid, you <em>are</em> supposed to pay Federal (and State, if applicable) taxes in April next year, and you <em>will</em> have to mention that income (proven via tax returns) on any financial aid forms for the colleges next spring.</p>
<p>gotcha..so basically in april, i will see how much money i made and go to the tax process right?</p>
<p>If your boss isn't doing withholding, you may be subject to penalties next April. It depends on how much you make. If it's just for the summer, you likely won't have to pay any tax, and therefore no penalties for under withholding.</p>
<p>If your boss is paying you $500/month and not withholding taxes and social security from it, you may want to ask if he plans to issue you a 1099 at the end of the year. Because if he does, you will have to file a return and pay the social security tax which he was supposed to be withholding. Every year I see kids who don't know that their boss should have been withholding this money and end up owing a lot of money at the end of the year. </p>
<p>Actually, even if he doesn't issue the 1099, if he isn't withholding the money, you should be declaring the income and paying the tax. Don't wait until next April to find out that this is so.</p>