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greenp6
Apr 13, 2008, 01:00 PM
Help. All of my income is on 1099-misc (non employee compensation). Does anyone know the proper way to both file and pay tax in the VI and Social Security to the Feds. Do I use C-EZ and 1040SE forms? Please help.
MukatA
Apr 13, 2008, 08:00 PM
You will need to file Schedule C (Form 1040): Profit and Loss from Business (Sole Proprietorship). On schedule C you will report your income and deduct your business related expenses. On your net income from self-employment (that is from schedule C) you pay 15.3% employment taxes. For this you use schedule SE (Form 1040.

How you will treat the 1099-Misc income, read: Your U.S. Tax Return: W2 or 1099: Employee or Independent Contractor. (http://taxipay.blogspot.com/2008/03/w2-or-1099-employee-or-independent.html)