Independent Contractor???? Referee?

Question

What kind of tax form do I need to fill out for being an independent contractor? I am a referee in Michigan. Have made very minimal but need to claim it. Although probably won't have to pay much because I can write off a bunch. Please help and let me know exactly what to do.

Answer 1

You will file Schedule C to report the income and expenses and you will file Schedule SE to calculate self employment taxes on net income. Keep in mind if you show a loss from this activity over serveral years, the IRS may come along and call it a hobby rather than a business, in which case expenses are only deductible to the extent of income.

Answer 2

Use schedule C (or you can probably use schedule C-EZ) to show your income and expenses. Then if your net is over $400 you'll also need schedule SE to calculate self-employment tax. The numbers from the bottom of the C-EZ and SE will transfer to your 1040. You'll have to use the full 1040, not 1040EZ or 1040A.

That will take care of federal. You'll also have to report it on your state return.

Answer 3

If your income from self employment is $400 or more you must file return. Income means after deducting your business related expenses.
If you have self employment income you need to file schedule C (Form 1040) along with your tax return form 1040.
Your entire income from self employment is also subject to 15.3% self employment tax (social security and medicare tax).