Black2001z06

iTrader: (32)

Legally...you are required to report 100% of the tip income.
The difference being...the credit card tip income is traceable.

Paul's_03SVT

What kind of car did you...I mean your friend get?

chargerR/T

i didn't say it was legal, I was just saying there is no way around claiming credit card tips.

redsox_ws6

iTrader: (2)

Try Capital One Car Loan they usually loan out money to anyone, But they are notorious about continuing to loan you money if you are deep in the whole and up to your neck Just so they can get you into more debt and they make more money of interest etc.. But you are doing the correct thing researching your options, just read more into the loand process a little more, they have allot of good articles on MSN money about Car Loans and House Loans etc..The Capital one loan is good if you can pay it off as soon as you can and dont fall behind in payments.

LS1 FORMULA

I can make this real easy to figure out. Go ahead and do it if your buddy wants to take a chance of becoming someones girlfriend in jail. If it is worth taking that risk. Go for it. If he does go for it. Slap him up side the head to make sure his brain is in gear. You might want to slap you dad up side the head also for taking a chance on making you homeless.

herronz28

iTrader: (12)

I work at Chili's and here's how I see it. I can either claim all the tips I make and get $0 on my paycheck every week. Bad for the little checks along the way, but my tax return is through the roof!
OR
I can claim almost nothing, except the 8% required, and get $20-40 checks every two weeks. That's a tank of gas for free every week, but my tax return isn't great.

So I either get my money trickled through the year with paychecks, or I get a big lump sum when I do my taxes. I'll take the lump sum, its kind of like a demented savings plan.

Black2001Z06 -- Is that a fair assumption??

99FRC

iTrader: (5)

If I (or my "friend") were about to commit bank fraud, I certainly wouldn't post it on the Internet for advice.
"Hey guys, my "friend" wants to rob an armored car. Could you please tell me how many guards are inside and how to get the back doors open once I shoot them in the head?"

Donohue96M6Z28

iTrader: (64)

so noone on tech talks about illegal activities? ha.

CamaroSS_2002

iTrader: (4)

Any income/info you report on a loan application will eventually get to the IRS. If the IRS Shows you made 22k this year and you reported you made 34k on a loan application. They WILL come looking for you.

...It just might take a few years but as I said they WILL find you and want to know why you haven't paid taxes on the extra 12k you made that year.

Trust me. It happened to a friend who did that when he was 18 and they came for him at 22....

Black2001z06

iTrader: (32)

Actually, if you were to report all of your tips as wage income(since you state that you make a lot in tips),
you would end up paying in the long run or breaking even.
The $2-3 an hour is to cover all of the taxes owed(depending on what you claim in wages of course) to the IRS.
So in the long run you would most likely end up owing or breaking even(because of the tax liability due to your higher gross wage income).


Here is the breakdown of what you would pay:

Earnings Amount to be paid to IRS
$0 - $7,825 10% of the amount over $0
$7,825 - $31,850 $782.50 plus 15% of the amount over 7,825
$31,850 - $77,100 $4,386.25 plus 25% of the amount over 31,850
$77,100 - $160,850 $15,698.75 plus 28% of the amount over 77,100
$160,850 - $349,700 $39,148.75 plus 33% of the amount over 160,850
$349,700 - no limit $101,469.25 plus 35% of the amount over 349,700

herronz28

iTrader: (12)

$7,825 - $31,850 $782.50 plus 15% of the amount over 7,825

that is where I would fall, but I've never had to pay, I've always gotten a refund (usually around $1K)

Just the basic 1040 EZ form, nothing incredible. Want to do my taxes for me this year? Seems like you might know how to get back enough to buy a 427 LSX after the refund

Black2001z06

iTrader: (32)

Let's do the math here and use the number $30k for an example.
$30,000 - $7,825 = $22,175
$22,175 x .15 = $3,326
$3,326 + $783 = $4,109(taxes owed)

40hrs a week x 52 weeks a year = 2,080hrs a year worked
2,080 x $2.13(most likely your hourly pay) = $4,430(taxes paid)

$4,430 - $4,109 = $321(yielded return)

This only stands ground if you are single with ZERO deductions.

NaSSty Nate

iTrader: (4)

Wanna do my taxes this spring?

ckyconan2003

iTrader: (2)

pretty sure the bank just wants to see that you have a job. not neccisarily the amount youre making, i could be wrong though.

herronz28

iTrader: (12)

How about married and both of us in school. Is that where my break is coming from?

Black2001z06

iTrader: (32)

Wayyyyyyy wrong, almost amusing, lol.
Why would a bank want to loan you for a new z06 corvette when your occupation is a trashman?!?

It's called conducting a cash-flow analysis...basically it shows that you have repayment ability for the loan's monthly payments due.

(not pointing at you, just throwing an example out there, no offense trashmen on the board)

Black2001z06

iTrader: (32)

If you file married jointly, here would be your schedule:
(keep in mind this is for both gross incomes combined)

$0 $15,650 10% of the amount over $0
$15,650 $63,700 $1,565.00 plus 15% of the amount over 15,650
$63,700 $128,500 $8,772.50 plus 25% of the amount over 63,700
$128,500 $195,850 $24,972.50 plus 28% of the amount over 128,500
$195,850 $349,700 $43,830.50 plus 33% of the amount over 195,850
$349,700 no limit $94,601.00 plus 35% of the amount over 349,700

chargerR/T

I've always heard trashmen get paid REALLY well.

xBROKEx

iTrader: (7)

rofl at trying to buy something outside your means, the bank can default on the loan if they find out you violated the contract

streetassasin

iTrader: (30)

get a cosigner dude thats what Im doing on the loan for my 01 SS
Then again I dnt make $2 hr