Paypal Minecraft Server TAX? HELP!

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Undo

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So paypal has asked me to enter my SSN to do tax or whatever
and I receive donations from my minecraft server, how much will it cut off the donations?

Say i make 2-4k a month, thanks!
 

Nic

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None. They only need it so if you go over $10k or $20k/100 or 200 payments.. Can't remember which.

But you SHOULD be having tax on the payments, As they are purchasing, not donating :p[DOUBLEPOST=1425175893,1425175832][/DOUBLEPOST]You will however have to report the taxes as your income and pay a portion. Talk to a lawyer/attorney, they would give you better info then I could.
 

Undo

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Does paypal automatically cut it out of balance monthly or what?
Never did this before. Thanks!
 

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How in the world do i do this? What do i do, i have no idea,
No experience in this whatsoever!
 

Papyrus

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1st: Don't freak out.

2nd: Talk to someone who has done this before.

I know Software owns a big Minecraft server so he could help you.
 

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Okay, if anyone does though, please message me.

I hope i dont get arrested or anything, haha
 

Undo

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How much % of tax is 10k? sorry i have no clue whatsoever,who do i pay to?
How does this process work, im so fucked lmao
 

Papyrus

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How much % of tax is 10k? sorry i have no clue whatsoever,who do i pay to?
How does this process work, im so fucked lmao

Seriously, don't freak out, that's the worst that can happen while in this process.
 

Regablith

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Your avatar describes the way you are reacting so perfectly
 
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cityseis

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How much % of tax is 10k? sorry i have no clue whatsoever,who do i pay to?
How does this process work, im so fucked lmao
You pay the the American Taxes System (guessing you're from america)
 

cityseis

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Could you link me to read up on this? Thanks g.
Ah, I forget the organisation for America (i'm from Ireland, our organisation is http://www.revenue.ie/en/index.html) It's something like RSS or RNS - someone here will know it.

You best off talking with an accountant or a lawyer, perhaps you know someone that's related to you that's business orientated? He/she would be able to explain it to you.
 

Nic

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IRS :p

I think its like the 401K form or something like that.
 

Jack

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https://www.paypal.com/webapps/mpp/irs6050w

Over $20,000 gross income from Goods / Services (not Friends / Family)
And receive at least 200 unique payments
Between Jan 1 and Dec 31

If you read that link, it sounds like you will need to provide a SSN, EIN, or TIN to continue using PayPal once those prerequisites are met.
And when one of those is provided, it looks like the IRS will automatically provide to you Form 1099-K via PayPal with the calculated amount already included.
 
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LinuxKernel

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Wait so I own a server, and I havn't gotten 200 unique payments, and havn't hit 20,000$ of income, would I have to pay taxes?
 
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