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    greenp6's Avatar
    greenp6 Posts: 1, Reputation: 1
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    #1

    Apr 13, 2008, 01:00 PM
    Filing 1099-misc taxes for Virgin Islands residents
    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's Avatar
    MukatA Posts: 7,110, Reputation: 176
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    #2

    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.
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