How does 1099 form work in new york?
hello i started a new job which will be paying in full , i will have to file a 1099 for november and december,wont be making more then $4,000 in those 2 months combined,how does this work i was reading online and i saw it said that under $200 and less then $10,000 wont have to worry about it can someone explain?
- prescientoneLv 51 decade agoFavorite Answer
a 1099 is an annual form that is given to self employed people. It shows the total amount paid from the company you worked with. If you earn more than $600 per year, and are not incorporated, you will receive this form by Jan. 31 of the following year. You will report the entire amount on your 1040 schedule C...you will pay self employment tax (Social Security and Medicare)..you will also have Federal and NY State taxes. Welcome to the club
- Helen, EA in PALv 51 decade ago
You will file a Sch C and SE with your return and you will owe taxes on this money, no matter what you found on-line.
You can check out these forms at www.irs.gov and then come back with any specific questions.
Helen, EA in PA
- Jaime RoseLv 41 decade ago
THAT IS CORRECT, YOU DON'T NEED TO REPORT THAT. THERE IS S CERTAIN AMOUNT THAT COMES TO PLAY.