[ashleytori]

I have taken on a job from a small business during college. I get paid without taxes on the check made out to me. The check is 250 a week.How much would I pay back in taxes while I'm in school? I plan on quiting before I graduate. How would it affect me and would I owe the tax people a lot?

[Fr_Chuck]

You pay according to filing status, single? I will assume,
And you are not "paying back" you are paying.

But unless you are working as a self employed person, they have to hold out taxes, since they have to pay 1/2 of your social secuity tax. And pay your unemployment

[ma0641]

Is this for 2010? If so, you're getting a very late start since they are due at midnight. Taxes aren't due until the following year. If your parents can claim you it's not a whole lot because they get to deduct you. If you are single and parents can't claim you it is $9350. Doesn't make any difference whether a student or not unless there is some scholarship money. 250X52=$13,000. You'll also have to pay state income tax if applicable. Why not have your employer deduct 8% or do quarterly tax payment?

[AtlantaTaxExpert]

You are being paid as a sub-contractor, and are thefeore responible for the 11.3% self-employment tax (for 2011).

Assuming you work 50 weeks per year, that is an annual income of $12,500, on which you will pay about $1,400 in self-employment tax (calculated on Schedule SE). This is on top of an income tax of about $315 plus whatever the state income liability would be.

All of this will need to be paid when you file your tax return in 2012, so you need to put about 15% of each paycheck aside each time you get paid so you have the money to pay the tax when it is due.