Hey y'all, how you doing? Tony back with another edition of Tony's Topics. I've been very, very, very busy the past 10 months, and I haven't had a chance to do any videos for you guys. But I am planning on getting back into the game and helping you out wherever I can. So, I like to keep my videos quick, and I'm gonna try to do this in 6 or 7 minutes for you. And you know, if you have any questions or comments, you can put them down below. For questions, you can also email me at tony'stopics@gmail.com. But today, I want to talk to you about the difference between a w-2 employee and a 1099 contractor. I have some truck driving buddies that get all excited when they get a job and they say, "Oh hey Tony, I won't have to pay any taxes. He's gonna pay me on a 1099." Okay, so what qualifies you as being a 1099 contractor? They can't answer the question. Well, I'm gonna tell you how to keep yourself out of trouble. This will also help you if you are self-employed, like a true 1099 contractor, which is what I am. I'm leased onto Land Star as a truck driver, so I'm self-employed. I get a 1099 every year. This will help you, okay? Now, let's talk about a w-2 employee. A w-2 employee is just a regular employee. You work for a company or somebody who gives you a paycheck, and on that paycheck, they take out some taxes. The four main taxes are your federal and state income taxes (referring to some notes here), and your Social Security and Medicare. Those are the four main taxes. In California, we have another one: state disability insurance. As a side note, there are seven...
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Self employment tax 1099 Form: What You Should Know
This section has information on how to file these forms. 1099-MISC: Report Your Income by Sep 10, 2022 Sep 9, 2024 To report income on your self-employment tax return, you must file Form 1099-MISC by the latter of October 2024 or the next tax year's due date (including extensions), or October 21, 2019. You must complete and mail this form to the IRS or another U.S. agency responsible for reporting taxes to the IRS (e.g., state tax agencies). However, if you do not file by October 21, 2019; or if you do not use Form 1099-MISC to report this type of income, you must report and remit your withholding and federal and state income taxes according to the law. Form 1099-MISC is not a substitute for the IRS Form 1099-MISC, Form 1099-ST, or Form W-2. Note that you must pay any tax due on forms 1099-MISC or 1099-NEC by October 21, 2019, for the year you filed. Form 1099-MISC: Report Your Income by Sep 10, 2022 Voluntary Transfers of Ownership in Small Businesses to a Foreign Corporation Oct 21, 2024 To report your income on Form 1099-MISC, you must file the W-2G if you make an election using the 1099-MISC instructions to report your ownership of a business in the United States and a foreign corporation. To report your ownership of a business in the United States, make an election to report capital contributions to the business or an ownership interest in the business reported on Form 4562, Report of U.S. Source Income on Nonresident Alien Business Income. As a result of this election, the foreign corporation is treated as one owned by you and is subject to all the tax limitations of the ownership structure of your U.S. ownership holding. Because the foreign corporation is assumed to have the same tax basis on its property as the U.S. owner on its income, the foreign corporation will include its U.S. income in your gross income. The following rules apply to an election by a foreign corporation that is not an S corporation.
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Video instructions and help with filling out and completing Self employment tax form 1099
