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    AMANDARAYBORN's Avatar
    AMANDARAYBORN Posts: 3, Reputation: 1
    New Member
     
    #1

    Oct 21, 2007, 01:45 AM
    1099 Form
    I have been working as a manager since January of 2007 in a trailer park. Getong paid 900 monthly. My rent of 400 is taken out on the 1st and on the 15 I get 500 check which reads as a bill. I was told yesturday that I would be getting a 1099 form at the end of the year. Does this mean I will HAVE TO PAY TAXES?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Oct 22, 2007, 09:36 AM
    At a minimum, you will have to pay taxes on the $500 per month, and probably on the full $900 per month.

    You will have to file Schedule C and Schedule SE to account for the 1099 income.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #3

    Dec 12, 2007, 05:04 AM
    If you are getting 1099, that means you are an independent contractor (self employed), and not an employee. You must file return if your net income (after deducting business related expenses) is $400 or more.

    You will file schedule C (Form 1040) with your tax return where you will report your income and expenses to figure out net income. The net income is subject to SE taxes at 15.3% for which you will file schedule SE (Form 1040).
    You will also pay federal income tax and state income tax based on your taxable income after deductions.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #4

    Dec 12, 2007, 09:30 AM
    Noted!

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