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    JCinSC's Avatar
    JCinSC Posts: 5, Reputation: 1
    New Member
     
    #1

    Feb 3, 2005, 08:50 PM
    1099-MISC Tax Filing
    First time ever reporting income from a 1099-MISC.

    ALL income is reported on this form. No other income for 2004.
    Total AGI $12,214.

    Question: Am I required to pay SSI and MCR taxes? If so, what forms do I use and are there any other recommendations/suggestions/concerns for filing this type of claim?

    Thanks!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,818, Reputation: 846
    Senior Tax Expert
     
    #2

    Feb 28, 2005, 02:16 PM
    JC in SC:

    A Form 1099-MISC normally (though not always) requires filing a Schedule C or Schedule C-EZ. Depending on the level of complexity and the tax deductions available to you, you may have to pay self-employment taxes.

    Based on your income level and assuming you are filing single with no dependents and taking the standard deduction, your income taxes will be minimal. More than likely, you will receive a small credit for the Earned Income Credit which will effectively pay the income tax portion of any taxes due.

    As for the self-employment taxes, with no deductions, your tax liability will be $1808. However, it is likely you have at least some deductions.

    Not sure what you mean by SSI or MCR taxes.

    Post a follow-up if you have further questions. More details about how you earned this money would help.

    Atlanta Tax Expert

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