Are all self-employed persons required to file a 1099 form?
2007-05-05 16:00:10 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you are a self-employed person and you hire other self-employed persons then you would give them a 1099 form. If you are a self-employed person working for someone else, you would receive a 1099 form from that other person. There are a couple of rules regarding the form 1099's though. You would not receive one if you are an incorporated business. And if the income you received is under $600, the payer does not have to give you a 1099.
2007-05-06 05:06:53 · answer #1 · answered by Anonymous · 2⤊ 0⤋
no people who employe non payroll help or items not covered on payroll like trips, cars and non taxed bonuses issue 1099's for those items. Like a car salesman working for a dealer. His regular pay would have the normal taxes/ social security etc with held. He wins a sales contest and his boss hands him 1000 in cash. At the end of the tax year he will receive a w2 for his regular pay and a 1099 for the 1000. He will then have to pay income tax on the amout that the 1099 shows. So if he is in a 20% tax bracket he will owe 200 in taxes on the 1000. If you are self employed you have to file income reports every quarter and pay your own social security and with holding taxes. If you call any IRS office they can guide you.
2007-05-05 16:10:38 · answer #2 · answered by asccaracer 5 · 2⤊ 1⤋
The 1040 "paper" is a style 1040, very own earnings Tax return. Your dad does not report a 1099, he gets a 1099 for being self employed. The earnings meditated on the 1099 gets stated on a style referred to as schedule "C". The schedule "C" will become component of the linked schedules secure with the style 1040. teach the college right here: a million. style 1040 2. schedule "C" 3. style 1099 good luck.
2017-01-09 13:55:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
other way around. Businesses who used self-employed people send THEM a1099 (+ copy to IRs) . Self-employed then use them to file thier 1040. A 1099 is a notice that you have rcvd income so the recipient does not file 1.
2007-05-05 17:09:56 · answer #4 · answered by vegas_iwish 5 · 2⤊ 0⤋
No, the payer of the money files the 1099, never the recipient.
2007-05-05 17:38:23 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 1⤋
If their self-employed income was over $400 for the year, they're required to.
2007-05-06 01:42:54 · answer #6 · answered by Judy 7 · 0⤊ 2⤋
yes they are supposed to anyway
2007-05-05 16:07:59 · answer #7 · answered by Anonymous · 0⤊ 4⤋