I have two tax forms. One is my W2 and the other is a 1099 miscellaneoue income. Am I gonna owe money to the state for that commision i made?
2007-02-04 05:29:32 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Yes the income is taxable on the state return but you may not owe money to the state. Certain states have income thresholds that you need to meet to pay any tax.
2007-02-04 06:53:54 · answer #1 · answered by smh60437 3 · 0⤊ 0⤋
Yes, your income reported on the 1099 is taxable. In addition to federal tax, I believe for a 1099-misc, you will have to pay social security and medicare taxes. If your state has an income tax, this is taxable income to your state too.
2007-02-04 05:45:42 · answer #2 · answered by Lisa A 7 · 0⤊ 0⤋
If the 1099 is for less than $433 you do not have to pay SE tax. However, you must declare it as taxable income and pay income tax on it.
2007-02-04 06:19:14 · answer #3 · answered by skip 6 · 0⤊ 0⤋
You are going to owe taxes and social security on that amount to the IRS. I don't know about state but it's income so you usually have to pay.
2007-02-04 05:41:32 · answer #4 · answered by towanda 7 · 0⤊ 0⤋