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1099 And W-2 -Please help me
1099 and w-2 questions
pockan




msg:1406357
 4:10 am on Mar 10, 2006 (gmt 0)

Can any one guide me on "1099 tax"?
Are all business receipts and financial papers (including adsense publishing) review the 1099 form for accuracy? ( If paying W-2) ( ARC- not responding )
Is this 1099 income also report to the I RS? (ARC ppl gave vague replies)

 

ember




msg:1406358
 4:46 am on Mar 10, 2006 (gmt 0)

I am not quite sure what you are asking, but if Google sent you a 1099 (they would have if you are a sole proprietor and earned income), then you need to report that income to the IRS. It is taxed as income, meaning it is subject to federal, state and FICA taxes. Generally, if you are not a corporation, you report the income on Schedule C with the 1040.

andrea99




msg:1406359
 5:08 am on Mar 10, 2006 (gmt 0)

My acronym finder is not telling me what ARC is, I'm guessing that it's not the American Red Cross.

You should try filling in all the screens at an online tax preparation service. If that gets too complicated it will have been good practice for talking to a local tax preparer. Don't wait 'til the last minute, do it now.

ann




msg:1406360
 5:29 am on Mar 10, 2006 (gmt 0)

Good advice!

Go right away and not get hit with taxes at the last minute with nothing in the bank to pay them :)

I paid mine but BOY! they really surprised me. I had to pay all my social security tax, my federal tax on both income and a portion of my Social Security income.

I wasn't expecting all that at once...had me scraping the barrel with a spoon!

acme2005




msg:1406361
 6:55 am on Mar 10, 2006 (gmt 0)


you are a real klutz. never try to run away from paying tax Boy they will give you a knuckle sandwich.

benihana




msg:1406362
 11:47 am on Mar 10, 2006 (gmt 0)

you are a real klutz. never try to run away

acme, nobody is suggesting runnung away.

Roadkill




msg:1406363
 12:43 pm on Mar 10, 2006 (gmt 0)

Here it is in a nut shell.

You are paid via 1099 unless your a corp. In the U.S. you will put this income on a schedule C and there you will deduct exspenses. and pay an additional 10% self employment tax for the 1099 income. Plus the regular tax.

If you are a corp. the corp will pay basicaly 15% less exspenses then the corp profit is put onto your personal taxes and you pay on that.

In either case the IRS will be notified as to your income from Google.

There is no way to avoid this. just keep track of all exspenses and if it looks like you making too much. Invest in new stuff. Thats how I now have a super speedy AMD64 dual core with dual double layer DVD burners, 2 250gig HD and a nvidia 6800gs graphics card.

ember




msg:1406364
 3:01 pm on Mar 10, 2006 (gmt 0)

Self-employment tax is not 10% It is 15.3% because you have to pay the regular 7.65% and then match it (your employer would do this if you were receiving a paycheck). Plus pay the fed and state tax. The Percentage (and amount) will depend on the bracket you fall in.

C corps and S corps pay taxes differently. As an S corp, all earnings pass through to me individually, and I pay tax at the personal level. I pay myself a salary, which saves on the FICA tax.

Yes, you can reduce the amount of tax through deductions, but they have to be business-related. Don't try to cheat because the IRS is all seeing, all powerful.

pockan




msg:1406365
 4:27 pm on Mar 10, 2006 (gmt 0)

Thank you (all)

Kursk




msg:1406366
 8:49 am on Mar 11, 2006 (gmt 0)

Roadkill
Thats how I now have a super speedy AMD64 dual core with dual double layer DVD burners, 2 250gig HD and a nvidia 6800gs graphics card.

How can you qualify all that as a deduction? You'll have to document the business use of your computer and write off only that portion of its cost.

sirkei




msg:1406367
 4:16 pm on Mar 11, 2006 (gmt 0)

kursk,

it's related to computer and webmasters live the living based on computers. So, i guess its counted.

Just like you can buy a super expensive pen in the office and claim it.

andrea99




msg:1406368
 6:00 pm on Mar 11, 2006 (gmt 0)

Things normally considered recreation for most people are "research" for those who make their living providing those things.

Abuse is not allowed, but a resort consultant going to resorts, or a sports equipment maker going to sporting events is "work."

There is indeed a lot of abuse along these lines but that would be between the taxpayer, his or her conscience, and the IRS. Audits and threats of audits tend to curb the abuse.

When a restaurant critic eats at a five star restaurant incognito the bill, including tip, is a business expense--even if she enjoys the meal. Even second, third, and fourth trips to sample other menu items would be allowed but at some point abuse does occur.

People who routinely take such deductions usually understand the rules.

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