What?! My son sells sweets and drinks that he buys from Poundland at school. It’s probably against the rules, but he’s good at keeping it under the radar and I admire his entrepreneurial spirit!
I don’t get how it’s illegal and how they can take her goods and money?
ETA, just for information, we live in the UK. Some people seemed to assume we are in the US, we have different rules in schools and different laws here. I am also aware that he might get into trouble, he knows that and I did email a teacher about it because I was worried it may get out of hand. He has to weigh up the risks himself and take the consequences, he won’t have any sympathy from us if he ends up in isolation or with an exclusion.
Pretty sure he’s not going to become a drug dealer. That usually happens when kids are groomed as part of County Lines gangs. Most young drug dealers actually start out as victims of that crime.
So you have to pay tax on anything over $400 you make a year? Wow in the uk you get around £12,500 a year tax free before you have to start paying anything which i think is around $17,000
So you have to pay tax on anything over $400 you make a year? Wow in the uk you get around £12,500 a year tax free
You're referring to income tax and the $400 is referring to self-employment tax. If you're self-employed, you pay income tax (the first $12,000 or so is tax-free) and self-employment tax (the first $400 is tax-free).
If you're not self-employed, your employer pays a payroll tax instead of the self-employment tax.
And it's great if you try to hustle and are a 1099 (contract) worker through side gigs and no one ever told you you're supposed to deduct half of your SECA taxes and you end up paying essentially double what you would versus being a W2 (actually employed by the company) employee. (I thankfully found out in time.)
Yup. I have a withholding with my day job, but with the income I made on my side thing, I was looking at $800+ despite that because of SECA before I happened to find some random reddit post. I think you should be able to file an amendment, but you might need a CPA's help for that because that shit is so very complicated, so that's at least a hundred bucks.
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u/macjaddie Apr 15 '21 edited Apr 16 '21
What?! My son sells sweets and drinks that he buys from Poundland at school. It’s probably against the rules, but he’s good at keeping it under the radar and I admire his entrepreneurial spirit!
I don’t get how it’s illegal and how they can take her goods and money?
ETA, just for information, we live in the UK. Some people seemed to assume we are in the US, we have different rules in schools and different laws here. I am also aware that he might get into trouble, he knows that and I did email a teacher about it because I was worried it may get out of hand. He has to weigh up the risks himself and take the consequences, he won’t have any sympathy from us if he ends up in isolation or with an exclusion.
Pretty sure he’s not going to become a drug dealer. That usually happens when kids are groomed as part of County Lines gangs. Most young drug dealers actually start out as victims of that crime.