what is 1099? if I am paid on 1099 for the first three month, how do I do the taxes?
what is 1099? if I am paid on 1099 for the first three month, how do I do the taxes? if I am not on payroll yet? if I am on payroll on the company pays 30,000 a year, what is the percentage to the taxes? usually for most companies? if I am single? no dependent? etc?
- V.T.VenkataramLv 71 decade agoBest Answer
Form 1099 is a form promulgated by the Internal Revenue Service (IRS) and is used in the United States income tax system to prepare and file an information return to report various types of income other than wages, salaries, and tips (for which Social Security Administration Form W-2 is used instead). The term information return is used in contrast to the term tax return although the latter term is sometimes used colloquially to describe both kinds of returns.
Those who receive 1099 income come from a wide spectrum. Actors, artists, novelists, freelance writers and similar creative artists are generally compensated on a "per job" basis, and are not treated as employees.
If you are on the pay roll of the company, 1099 form is inapplicable !
- 1 decade ago
Wow this a complicated question. Let's see if I can break it down.
First, a 1099 -- I have a link below that explains what it is. But the key point is that if you are getting a 1099 you aren't considered an employee and aren't benefiting from the employer paying any part of the taxes. Also, no taxes are being withheld from your check. This will mean that you will owe taxes on these earnings at the end of the year.
Second, as for what your deductions and take home pay would be on $30,000, the paycheckcity link below will allow you to calculate it within pennies.
Good luck!Source(s): 15 years of HR experience http://www.wisegeek.com/what-is-a-1099-form.htm http://www.paycheckcity.com/netpaycalc/netpaycalcu...
- 1 decade ago
A 1099 is what is submitted to you by the work that you do as contract work. The employer does not have to pay in for your social security and medicare. In other words the employer has to match what is deducted from your wages, that you pay in. You should withhold at least 33% for SS, medicare, fed tax, and st tax