is it possible to have your job quit taking out taxes on you and just give you a 1099 at the end of the year so you can pay your own taxes
2007-08-31 00:33:00 · 6 answers · asked by thunder31634 2 in Business & Finance ➔ Taxes ➔ United States
If you are an employee, you could potentially claim enough exemptions on your W-4 so that your employer would not withhold any federal or state withholding taxes, and you could pay quarterly estimates to cover those, but they can't stop withholding social security or medicare taxes. Why on earth would you want to do this though? You'd be paying 100% of the social security and medicare taxes instead of paying 50% as an employee.
2007-08-31 01:26:54 · answer #1 · answered by Anonymous · 1⤊ 0⤋
No, this is not possible. You and your employer do not have the option of choosing a W-2 for an employee or a 1099 for an independent contractor.
Which form is used depends on the nature of the work you perform. An employee must be issued a W-2. An independent contractor must be issued a 1099.
2007-08-31 09:32:31 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
There are rules for what kind of job gets a 1099 and what kind of job gets a W-2. If your job is as an employee, then you'd get a W-2 and can't just opt to switch to a 1099.
2007-08-31 11:50:30 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
No, as an employee you must have taxes withheld and will receive a W-2.
Why would you want to do that anyway? You'd pay HIGHER taxes that way, since your SS and Medicare taxes would be doubled!
2007-08-31 10:21:24 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋
If your employer changes the way you are being treated without changing the job, he will be audit bait. Employees must be treated like employees.
2007-08-31 08:39:19 · answer #5 · answered by Anonymous · 1⤊ 0⤋
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2007-09-02 04:06:39 · answer #6 · answered by prama s 1 · 0⤊ 0⤋