need some financial advice

Discussion in 'General' started by weedzilla420, Apr 6, 2006.

  1. sup gc,
    i recently started working in a moderately upscale restaurant and it pays really good money for an entry level job. I usually average about $12/hr. I make most of my money in cash because I get tipouts (3% of total sales made during my shift). I usually leave each shift with around $40-65 cash. Besides my tipouts i make $4/hr base pay which is payed by check.

    at the end of each shift when i punch out in the computer i have to claim how much tips i made. everyone knows that you don't claim the actual amount you make. i kinda new at this job so i was wandering what percentage of you tips it would be safe to claim at as to not draw suspicion.

    so basically i hope is to get taxed less because the govt knows about my base pay check and whatever tips i claim.

    another potential problem is the amount of cash that i am accumulating. right now i have about $500. i don't want to put it into the bank because then they tax you on that to. i'm glad that i still got my glock nine (thought i'd lost it but i found it later) because this could be a potential liability if anyone ever tried to burglurize my residence. i'm thinking about getting this safe from target that costs $120. it's large, has a digital keypad and bolts to the floor. i think it would be worth the expense because i can keep my cash, gun, and drugs in it.
  2. so.... what advice do you need?

  3. mainly what percentage to claim of my tips
  4. why would you not claim 100% of your tips? it's not like they tax you so much that it exceeds the money you get from tips?
  5. The only way that Banks can tax you in the US is if you deposit more than $10,000 into an account. This is straight from the FDIC and IRS. You would be safe putting that into a bank account or savings account through ING direct. As long as it's below $10,000 you're alright!

    -Antwan L.
  6. if he doesnt claim all of his tips its like getting payed under the table.

    id say if you persay get a $30 tip (you said the resturant was upscale) then tell them you got $20. or if you made a $10 dollar tip tell them you only got like $6. id say claim atleast 60% to be safe.

    you dont wanna be introuble with the IRS. my dad still claims me on my taxes since i still live with him. well last year i claimed my taxes back as a "student claiming (1 i think it is)" and the IRS didnt like that becuse i made too much money to be a 1. i got a call... its scarry because they threaten you with federal prison time. we got it all sorted out. i lost $230 out of my return check though :mad:
  7. You want me to give you advice to not pay your taxes? Fuck that--- I have to pay all my taxes why shouldn't you? are you better than anyone else?
  8. ^^Why be a dick why not just not comment.. Most people in that profession do this.

    When I worked at a resturant the waiters/waitresses usually claimed like 50-60% of the tips they made.
  9. well look at the immagrants... they dont have to pay taxes... he atleast wants to be somewhat legit and claim some...

  10. Doesn't make it right

  11. that's not true. illegal immigrants use fraudulent social security numbers to secure a job so they are still paying taxes and they don't get a tax refund ever.
  12. I wish I had a safe full of marijuana, guns and money. That would be awesome.
  13. i agree... doesnt mean its gonna chang society...

    disclaimer: im drunk

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