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How much will you owe on income of 2000.00 for a 1099 income tax form?
Wiki User
∙ 14y ago
Form 1099-MISC is Miscellaneous Income. When employers provide you with Form 1099-MISC (instead of Form W-2 Wage and Tax Statement), they aren't considering you an employee. They're treating you as self-employed. So you're responsible for taxes (income, Social Security, Medicare).
Self-employment income is reported on Schedule C (Profit or Loss from Business) or Schedule C-EZ (Net Profit from Business). You also have to figure Self-Employment Tax on your net income (your gross income of $2,000 minus any deductible expenses).
Taking the worst case scenario that you had no deductible expenses, your self-employment tax on Schedule SE would be $283. You're allowed to deduct half ($142) of this amount from your income in the Adjusted Gross Income section (bottom section, p. 1) of Form 1040 or Form 1040A. Your adjusted gross income then would be $1,858 ($2,000 - 142). Your standard deduction ($5,450 for Single for 2008, $5,700 for 2009) and your personal exemption ($3,500 for 2008; $3,650 for 2009) reduce your taxable income to 0. But you still owe $283.00 in self-employment tax. For Single no dependents your earned income credit would be $143.00, which reduces your tax due to $140.00 ($283 - $143).
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∙ 14y ago
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how much i have to pay if i want it 1099 for an income of 72000?
how much taxes i owe for an income of$72000 annual if ia am going to do 1099
How can one go about filing a 1099 form?
A 1099 form is a form that is sent out if you pay someone else. They are available from the US IRS either online, by phone, or by visiting your local IRS office. Basically, you fill out how much you paid someone else, send a copy of the 1099 to them, they add it to their income and you deduct it from yours.
If a CD was cashed in do i have to file income taxes?
Only the interest from the CD is considered taxable income. The money you deposited and got back is not. The bank should send you a Form 1099-INT each year telling you how much interest is taxable. Enter the interest from your Form 1099-INT on your tax return.
How much income has to be on a 1099-MISC form before you have to report it on your tax return?
Form 1099-MISC is Miscellaneous Income. A person or business is required to file Form 1099-MISC for each person to whom they paid at least $600.00 in services, rents, etc. The recipient generally enters the information from Form 1099-MISC onto Schedule C (Profit or Loss from Business) or Schedule C-EZ (Net Profit from Business). The recipient is required to file Schedule SE (Self-Employment Tax) when net earnings (income less expenses) are at least $400.00.
How much can you make before you get a 1099?
The threshold for receiving a 1099 from an employer is $600. However, you are still responsible for reporting the income to the IRS even if you do not receive a 1099.
how much i have to pay if i want it 1099 for an income of 72000?
how much taxes i owe for an income of$72000 annual if ia am going to do 1099
How does the government tax a 1099 form?
They don't tax a 1099 form. A 1099 form is an information return. The payer sends the recipient the 1099 form letting them know how much they paid them in the prior year. The payer sends the 1099 form to the IRS as well. The recipient reports this income on Form 1040. The IRS then double checks that what was paid, was received. The IRS uses the 1099 forms to double check but also to gain information. They can follow the money and then tax money flow when they feel like it.
How can one go about filing a 1099 form?
A 1099 form is a form that is sent out if you pay someone else. They are available from the US IRS either online, by phone, or by visiting your local IRS office. Basically, you fill out how much you paid someone else, send a copy of the 1099 to them, they add it to their income and you deduct it from yours.
If a CD was cashed in do i have to file income taxes?
Only the interest from the CD is considered taxable income. The money you deposited and got back is not. The bank should send you a Form 1099-INT each year telling you how much interest is taxable. Enter the interest from your Form 1099-INT on your tax return.
How much income has to be on a 1099-MISC form before you have to report it on your tax return?
Form 1099-MISC is Miscellaneous Income. A person or business is required to file Form 1099-MISC for each person to whom they paid at least $600.00 in services, rents, etc. The recipient generally enters the information from Form 1099-MISC onto Schedule C (Profit or Loss from Business) or Schedule C-EZ (Net Profit from Business). The recipient is required to file Schedule SE (Self-Employment Tax) when net earnings (income less expenses) are at least $400.00.
How much can you make before you get a 1099?
The threshold for receiving a 1099 from an employer is $600. However, you are still responsible for reporting the income to the IRS even if you do not receive a 1099.
How much taxes are to be paid on 200000?
In India, there is no tax to be paid for income upto Rs 200 000.
Should I get a 1099 tax form for 1200 a month from my employer?
Any income that you make as a contract employee should be recorded on a 1099. Even if you only worked one day, if you were paid for that work the employer must provide you with a form 1099. If you have not received this form by January 31, contact the firm and/or the IRS to obtain it. Alternately, if you still have all the pay stubs for this employment, you can figure out how much was received and use it on your taxes, while including a form 4852 stating the 1099 or W2 wasn't received. Of course, if you are an employee - your earnings AND withholdings will be reflected on a W-2, not a 1099.
How much can you earn on a 1099 as casual labor before you need to file income tax?
$599
will i receive a tax refund if i file a 1099 form?
Not necessarily. Whether or not you receive a refund depends on your taxable income and how much you paid the government during the fiscal year. Nothing else guarantees that you get a refund.
How much taxes for 1099 in ga?
You will have to complete your income tax return correctly before you will know the amount of taxes that you will after reporting all of your worldwide gross income plus the 1099???? on your 1040 income tax return. A 1099-MISC and and amount in box 7 nonemployee compensation you will be able to use the below information to start with. Because you will be a self employed taxpayer. Click on the below Related Link.
What is a 1099 tax form?
A 1099 form is an information return. Its a form the payer (the person paying out money) is required to send to the recipient and to the IRS that reports how much was paid to the recipient. The recipient declares this income on Form 1040 and the IRS can double check that what was paid, was received. If they don't match, the IRS sends a letter to the recipient asking for clarification (the letter also talks about interest and penalties which really scares the recipient).
