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timmygee
Feb 11, 2009, 08:51 PM
i did some small assembly work last year at home and received a 1099 misc for $1800.00. would there be a tax advantage to forming an s-corp for future wages? estimated wages this year will be $10,000.00
MukatA
Feb 11, 2009, 10:34 PM
You are self employed or independent contractor. You will report your income and expenses on schedule C or C-EZ (Form 1040). This income is subject to SE tax at 15.3%. Read: Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor (http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html)