I need to know for work
2007-08-15 06:46:10 · 5 answers · asked by Scotty 3 in Business & Finance ➔ Taxes ➔ United States
It's what you issue to an independent contractor at year end or what you receive as an independent contractor from who hired you to do work for them. Because it's a 1099 instead of a W-2, the person receiving it may have to pay Self-employment (SE) tax on their net earnings from their 1099's (after deducting the expenses they incurred in earning the 1099 income). If the net earnings exceed $400 the person needs to pay tax of 15.3% of 92.35% of the net earnings. What you did to get the 1099 determines whether or not it's subject to the SE tax. It can be a 1099-Misc (generally subject to the SE tax), 1099-Int, 1099-Div, etc.
2007-08-15 06:59:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There are a number of different 1099 forms - could you be more specific? There are for example 1099-int for interest, 1099-R for pensions, 1099-misc for a number of things, from lottery winnings to work as an independent contractor - and several other forms of 1099.
2007-08-15 08:33:21 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
A 1099 is for any income not declared on your W-2.
2007-08-15 06:57:24 · answer #3 · answered by Spencer C 3 · 0⤊ 0⤋
There are many 1099 forms:
1099A - Abandoned Property
1099B - Sales of Stock
1099C - Cancellation of Debt
1099D - Dividends
1099G - Certain Government payments (usually unemployment or state tax refund)
1099R - Retirement payments
1099S - Proceeds from sale of real estate
1099INT - Interest
1099OID - Original Issue Discount
1099MISC - Miscellaneous Income
There could be others.
2007-08-15 08:16:09 · answer #4 · answered by Mark S 5 · 1⤊ 0⤋
misc income
non employee income
for self employed
2007-08-15 06:54:53 · answer #5 · answered by catgina 2 · 0⤊ 0⤋