I worked as a sub contractor for a painting company. I only stayed there for 3 months. Will I recieve a W-2 or is there some sort of form I will have to use instead. Also since there was no taxes taken out on me how will that effect my tax return? Thanks in advance!!!
2007-01-21 04:55:12 · 3 answers · asked by mom_nya 1 in Business & Finance ➔ Taxes ➔ United States
You'll probably get a 1099, showing what you were paid. You'll fill out a schedule C or C-EZ to file with your 1040, and also a schedule SE to calculate your self-employment tax - this is for social security and medicare, and is 15.3% in addition to whatever income taxes you owe on what you made. The bottom-line number from each of these schedules will transfer to your 1040 to calculate your total tax.
You were supposed to file a quarterly estimated return, and pay the taxes you owed, during the year. If you didn't, the taxes will be due with your return. You'll pay interest, and probably a penalty, if you didn't file the quarterly return, or have enough withheld from some other job to cover most of the taxes you'll owe.
Good luck. This would probably be a good time to see a CPA. He or she might be able to suggest some expense items you can deduct from your earnings to cut down on the tax bill.
2007-01-21 05:07:19 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
I don't want to diagree with Judy but you should file form 1040 and complete schedule C as this will allow you to claim any expenses you had to earn the income. You will pay self-employment tax on the net income, not the gross.
Sorry Judy.
2007-01-21 06:34:58 · answer #2 · answered by Jay J 3 · 0⤊ 0⤋
a w-2 is for taxes being taken out. a 1099 is for a contractor. You will have to figure and pay your own taxes.
2007-01-21 05:31:23 · answer #3 · answered by justbeingher 7 · 0⤊ 0⤋