how much will i owe on my 1099-misc?

Question

I got a w-2 and a 1099-misc. I have never filed a 1099 before so i'm not really sure how to do this. My 1099 is only for 160$ how much will I owe on this. And how do i file it?

Answer 1

Normally you will pay Self Employment tax of 15.3% on the net business profit shown on the 1099. File Schedule C or Schedule C-EZ with your tax return to account for the 1099 income and any business expenses. File Schedule SE to calculate the SE tax.

The net income from Schedule C or C-EZ goes on line 12 of Form 1040. The tax from Schedule SE goes on line 58 of Form 1040.

However, in your situation you have less than $400 in SE income so you can skip the Schedule SE; you don't owe any SE tax on the $160.00.

Your W2 income goes on line 7 of Form 1040.

Once you have the numbers in place, complete your return and file it. You must attach Form W2 if you file a paper return but you do NOT attach Form 1099MISC unless it reflects tax withheld which it should not.

Answer 2

To really have to file a schedule C on the 1099-misc you need to know whether you truly made a profit off of the money. IE if you spent all $160 on other expenses then you don't. IE you have a cleaning businnes and you spent 40 on advertising,80 on supplies, and 40 on equipment. You didn't make a profit at this point and it is a loss.

Answer 3

If this is your only 1099 MISC, enter it on Line 21 Other Income. Indicate that it is not subject to self-employment tax.

Your income will be increased by $160. You may owe some tax because of this, or not. It depends on your other income.

Answer 4

First off, it's odd that you received a 1099-misc for only $160. Typically, income is reported on this form when you earn $ in excess of $600. You can report the income on page 1 of your 1040 as misc. income, or if you have expenses related to earning the income ie. cell phone, supplies, etc. file schedule c.

Answer 5

in case you probably did not pay in any predicted funds, you'll possibly owe plenty. Claiming 0 on your W-2 activity will probable make up a number of what you owe on the 1099 activity. without understanding your finished earnings for the year, no thanks to inform what the earnings tax will be, yet figuring 25% or so for that does no longer be unlikely - that could be $7500. you'll also owe self employment tax, for social protection and medicare, of round $4240 for the 1099 activity. in case you may't pay what you owe through April 15, 2009, you may set up a value plan, even though it's going to fee you costs and interest, plus consequences. and also you may owe some state tax on it - again, without understanding your finished earnings for the year, no thanks to inform how a lot. VA state earnings tax tiers from 2% to 5.7%. At a wager, you'd be interior the better 1/2 of that determination. --------- ok, together with your further data, your federal earnings tax should be round $7943, plus the 4240 se tax for a finished of $12,183. in spite of is withheld for federal earnings tax on your W-2 may prepare to that. there would also be consequences for underwithholding, because you've been required to make quarterly predicted funds.

Answer 6

As I've been told in the past, if the amount is less than 500$ then you don't have to worry about claiming it. I'm not sure how true this is though.

Answer 7

It get's added to the income on your W-2 and you pay taxes on your total income.