Donald asks…
1099????????????/?
My husband and I are finally making some good money, but each check we get taxed like crazy, my husband talked to his boss and he said he would pay him with like a personal check, but that my husband would have to file a 1099. I spoke to a friend of mine who does taxes, and she said there are a lot of fees we are going to have to pay during tax season if we file 1099….does anyone know the pros or cons to filing 1099 or know a website that i can look it up??
iphone answers:
It’s not really going to affect your income tax liability. You would have to pay quarterly payments and would be assessed penalties if you don’t. It would double your OASDI (SSN and Medicare) payments. Currently the employer pays those- its 7.45% of base earnings. And you would still have to pay federal taxes – those don’t go down. The only person that, being an independent contractor in this situation, benefits is your husbands boss.
Just be grateful, you have money to be able to pay for the services you receive.
John asks…
I received a 1099 after filing my taxes. Can I pay taxes on the 1099 seperately from my return?
The 1099 came from consulting work I done on the side. It was about $5,000, which was substancially more than I remembered, but it’s correct. I would rather just send a check for the percentage tax owed on it, rather than have to deal with the IRS.
iphone answers:
You have to put in a 1040X to make changes to your taxes
Jenny asks…
How do I 1099 my clients,employees and companies for money received from my company?
Please provide steps and help on how do I 1099 my clients,employess and companies for money received from my company. It is my first time to file the taxes this way. Before I was the only party received 1099.
Thank you.
iphone answers:
Technically you do not have to send them to other companies, it is not required. But if you paid an individual you have to send to them. You need their social security number and their address. You can download the 1099 misc form from the irs website, www.irs.gov.
Go to their website and search for 1099 form. You can also download instructions, but sometimes they’re included with the form.
Next, check your accounting software, if you use quickbooks, it can print the 1099s for you. If your software doesnt do that, you can fill it out by hand or use a typewriter. Just fill out the forms and mail them to the recipient, then I believe you have to keep a copy and file with your return too.
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