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What is a 1099? I need help understanding this please.? |
So let's say I have a business and I've been providing services to a company. They want my social # to file a 1099 for 2008. What does that do to me? Will I have have to pay a lot of money in the end? I'm very confused, I can't seem to get a solid answer on this. Thanks! If you have a business and are providing services to a company, the money they pay you is taxable income in any case, whether they give you a 1099 or not. Getting the 1099 won't make you owe one cent more in tax than you'd owe if you got the same income from them but did NOT get a 1099 from them. The 1099 is just a reporting mechanism, and the payments are reported by that company to the IRS as well as to you. You'll owe income tax on it, plus self-employment tax for social security and medicare. You are independent contractor and will receive Form 1099-Misc instead of W2 received by regular employees. that might be a clearance that you need from the govt. to start a business stating that you don't have any black marks in your taxation till date. 1099 means he didnt withhold any tax on what he paid you --so you have to include that amount on your tax return and pay the tax on it |
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