OKAY I GET PAID WEEKLY BUT NO TAXES COME OUT OF MY CHECK. TODAY I GOT A 1099-MISC FORM FROM THE PAYROLL CLERK, SO WHAT DO I DO NOW. IT ONLY STATES THAT MY NONEMPLOYEE COMPENSATION WAS 9510.00 IN BOX # 7 NOTHING IS WRITTEN IN THE OTHER BOXES.
2007-01-22 07:35:51 · 2 answers · asked by bigshaheem 1 in Business & Finance ➔ Taxes ➔ United States
You use that to calculate your taxes. You'll need a schedule C or C-EZ to show that income and any associated expenses that you had. You'll also need a schedule SE to calculate your self-employment tax. The bottom-line numbers from both of those schedules will transfer to your 1040 form.
I hope you made quarterly estimated payments. If you didn't, you can expect to owe around a couple thousand dollars.
Good luck.
2007-01-22 07:40:59 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Take it to your tax preparer - they can tell you what else you will need. Since you are not an employee you may be able to deduct some work related expenses. Do you have another job? You can deduct travel between jobs etc. Hopefully you either paid quarterly estimated taxes or you saved money for your tax bill. If not you will have a large bill to pay.
2007-01-22 07:45:57 · answer #2 · answered by PRS 6 · 0⤊ 0⤋