Workmens comp or a business license for them to do this?
2007-01-26 08:18:55 · 5 answers · asked by Sherri ptown 3 in Business & Finance ➔ Taxes ➔ United States
No, but you'll have to pay taxes on the amount they paid you. You'll pay the normal income taxes for the amount, plus a self-employment tax of 15.3% of the total (for social security and medicare).
2007-01-26 09:26:41 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
no, you do not. and you do not even have to have the 1099 at the time you file. (but it will be needed just in case of an audit & for your records)
I am considered self employed because I got paid cash in 2006. i have to file 1040 long, schedule c-ez (because my expenses are less than $5k), schedule se (self employment tax) and form eic for the earned income credit.
if you make more than a certain amount of money you will get a penalty for not paying "estimated taxes" quarterly during the year. taxes are crazy!
2007-01-26 16:30:33 · answer #2 · answered by Ashley 2 · 0⤊ 0⤋
No. The Form 1099 just tells you that you were paid X amount of money by them.
2007-01-26 17:09:30 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
No that is just saying they paid you that amount, usually you have to pay the taxes on this kind of income your self.
2007-01-26 16:27:54 · answer #4 · answered by elaeblue 7 · 0⤊ 0⤋
No.! You worked as a contractor. If you don't have Workman's or a license who cares.??
2007-01-26 16:30:45 · answer #5 · answered by buzzwaltz 4 · 0⤊ 0⤋