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Please give me your HONEST feedback on this paycheck plan
Posted by: Cash vs payroll, tax or no tax ()
Date: March 27, 2021 11:25AM

Working with a family member now due to times being hard. It's very easy work and something I like to do.

I asked if I could get cash and this was the offer..

They told me they can pay me $75 cash per day, weekly.
Or payroll $100 per day on payroll biweekly.

Obviously this is fair because of tax purposes. But which would you do? Which makes more sense to do?

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Re: Please give me your HONEST feedback on this paycheck plan
Posted by: Not a CPA... ()
Date: March 27, 2021 11:53AM

...but I did stay at a holiday inn express last night.

Assuming you have other income, if you pay less than 25% in taxes, take the payroll.

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Re: Please give me your HONEST feedback on this paycheck plan
Posted by: Cash vs payroll, tax or no tax ()
Date: March 27, 2021 11:59AM

Haha. Ok cool. Yeah. I just did the VA salary tax calculator and it's a much wiser decision to just go on payroll. Plus, I'll get all that back in taxes later. I'd be losing a lot more per week than I expected. I was just looking at the $15 per day difference and hell no. That would have been a mistake.

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Re: Please give me your HONEST feedback on this paycheck plan
Posted by: Cash vs payroll, tax or no tax ()
Date: March 27, 2021 11:59AM

Thank you btw

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