 How would you feel about a new law that takes LESS taxes the harder you work? |
| I keep thinking about how this country needs to change, and this is one major way how. Instead of rewarding those who dont WANT to work, how about a tax reduction for those who want to work MORE. For ... |
|
 I need to report my employer for calling me an independent contractor and not taking taxes out for me.? |
| When she hired me she took advantage of the fact that I knew nothing about "self employment", so when she told me that I would be working for her real estate office as an administrative ... |
|
 I read that I am required to pay tax and a 10% penalty fine to the IRS for premature 401k withdrawal.? |
On what income do I have to pay tax? Only that year's (in which I withdrew) or entire period during which I kept my money in the 401 account? Also the 10% penalty is on what amount exactly?
... |
|
 When do you pay taxes on stocks? |
| for example, i sell a stock and make profit on it, will the taxes bededucted right away when the profit is deposited in the account or i will have to pay taxes when i cash out the money? or if not ... |
|
 Where can I cash my Income Tax Refund check? |
| I have no checking account and I need to cash my income check. Where can I do that?... |
|
 If I am reimbursed for travel expenses, do I have to report that as income? |
| Mileage, hotel, meal allowance....I pay out of pocket, submit an expense report, and my boss cuts me a check. Does the IRS consider that income?... |
|
 Can i claim jobseekers allowance if i resigned due to employer saying my position no longer available? |
| i went for a leave from work and when i came back my employer said my position was no longer available to me. so i resigned. i heard you have to wait 3months to apply for jobseekers allowance but ... |
|
 Did not receive a stimulus notice but irs.gov says I qualify? |
| Anyone else not receive the original notice that went out? When I do the calculator on the IRS website it says I qualify, so I am wondering what does it mean if you did not receive the original ... |
|
 IRS REFUND DELAYED DUE TO PROCESSING DELAYS? |
| My refund date was changed in the system from 2/3 to now 2/24. I filed for RAC through HR Block. HR Block told me yesterday that nothing in the system was worng and it appeared my funds would be ... |
|
| This is my first year as an indpendent contractor, and my tax professional says I owe...? |
| I was expecting to get about 2500 back in earned income credit, but they are saying i owe 300. I only made 23,500 and I had 8000 in expenses. I didn't pay in my medicare or ss through the year, ... |
|
 Do you HAVE to file taxes? |
I only worked for about 1 week last year. Do I HAVE to file taxes? Is there any kind of penalty for not filing?
Additional Details
Parden my ignorance, but I don't know what a ... |
|
 Child tax credit? |
| if i receive £46 a week child tax credit will i receive the same for my 2nd child? also does working tax credit change with arrival of 2nd child?... |
|
|  |
haley01 | As an employer is better to w2 or 1099 my employees? |
please be specifiic |
 |
 
EXTRA MILE
 |
For an employer, it will be tax-saving for you to issue your employees 1099s. By issuing 1099s, you treat your employees as indepent contractors and you DO NOT PAY the employer's portion of FICA tax, which is 7.65% of the payroll.
On the other hand, your employees will be responsible for 15.3% of FICA tax instead of 7.65% if they receive 1099s rather than W2s. |
|
Wayne Z
|
Technically, there is no such thing as a 1099 "employee". People who receive 1099s are, by definition, independent contractors. You can not just decide to switch back and forth.
Many business try to fraudulently categorize their people as independent contractors. The rule of thumb is that if you set their hours, you oversee their work and they use your supplies and/or tools, they are W2 employees. Period. If your people come and go as they please and provide their own tools and/or supplies, they are probably 1099 independent contractors.
Miscategorizing people as 1099 IC's is a very good way to drawn the ire of the IRS as well as your state's department of revenue and unemployment commission. |
|
lepr0kan
|
Any full time employee of yours must be W-2ed and have taxes taken out. If you have contractual workers they may be 1099ed. |
|
Judy1
 |
You don't get to just make the choice - it depends on what they're doing for you. If they are your employees, then they get a W-2, not a 1099.
If you control their working hours and conditions, then they're employees. If you hire someone to do a project, and don't set the rules on how, when or where they do the work except a final deadline and an outline of what you want, then they'd more likely get a 1099.
See http://www.irs.gov/faqs/faq-kw54.html |
|
bostonianinmo
|
You do NOT get a choice! If they are employees you MUST withhold taxes and give them a Form W-2 at the end of the year.
If you determine how the people will do the job, provide the tools and facilities for them to do the job, set the work hours and days, etc. then they are employees.
If you retain someone to do a specific task but do not control when or how they do the task then they may be independent contractors. A good example would be a carpenter to do some remodeling or having someone install new carpeting or install a bathroom. |
|
curmudgeon
 |
you MUST w2 unless they are just free-lancers. |
|
wartz
|
Independent contractors should be paid more than employees doing similar (emphasis on similar, not identical) work because they have to cover the expenses that an employer would cover. If you make a dubious try to classify people who should be employees as independent contractors, you can find yourself liable for federal and state employment taxes plus penalties and hefty medical bills if one of your "non-employees" is hurt on the job and should have been covered by workers compensation. If you fire any of them and they file an unemployment insurance claim--and if you have been playing games with employee classification, you can count on it--the state will be down on you in a hurry. If you have anything resembling doubts about what you should do, get professional advice in writing. |
|
Stephanie M
|
W-2 are for your employees you should be taking taxes out for them. 1099 forms are for employess that are independent contractors, they are responsible for reporting income and taxes to the irs.. You don't want to make that mistake. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 7 minutes(s) ago
| | | |
8 | 24 minutes(s) ago
| | | |
8 | 45 minutes(s) ago
| | | |
8 | 47 minutes(s) ago
| | | |
8 | 1 hour(s) ago
| | | |
8 | 2 hour(s) ago
| | | |
8 | 7 hour(s) ago
| | | |
8 | 10 hour(s) ago
| | | |
8 | 11 hour(s) ago
| | | |
8 | 1 day(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
