2007-04-05 10:06:05 · 3 answers · asked by Beachgrl 1 in Business & Finance ➔ Taxes ➔ United States
income reported on a 1099 misc tax form goes on a schedule C as self employement income. which means that you have to pay self employment taxes.
2007-04-05 11:47:50 · answer #1 · answered by julia c 1 · 0⤊ 0⤋
a million. Get carried out varieties W-9 from each of your sub-contractors. shop those on report in case the IRS asks. 2. Assuming which you probably did no longer pay any of the others greater effective than $600 you do no longer might desire to report varieties 1099 your self yet you will possibly be able to achieve this in case you go with. (i does no longer, on account which you're 2 months previous due on that and previous due submitting can entice a $50 penalty in step with 1099.) 3. in some time table C, take a corporation cost for contract exertions for $750 besides to the different corporation costs. 4. forget related to the fist reaction. I pay subs some years and it truly is precisely the way you manage it.
2016-11-26 21:07:46 · answer #2 · answered by anirudh 4 · 0⤊ 0⤋
Be sure to enter your associated expenses. As a RE agent, you'd have plenty of them.....
2007-04-05 15:42:06 · answer #3 · answered by Judy 7 · 0⤊ 0⤋