 Is it true that the interest you earn on your savings account has to be paid back on your taxes? |
I want to know because i am thinking of closing my current bank savings account to open up an internet savings account
Additional Details
Is it worth switching my savings account to an ... |
|
 Ex employer over paid me? |
| my ex employer has over paid me when i rang them they said could i send it back via cheque but at end of day it there mistake what do you think?... |
|
 I'm about to be made redundant. Am I enttled to claim Jobseekers Allowance ? |
Additional Details
Thanks Dimples. My redundancy will be £12k, with £4k notice pay. Will this ffect my JSA ... |
|
 Is taxation really necessary? |
| after all people always complain that the state is not doing enough, it is unfair, it is unequitable ; and those who have lots to pay rather pay their clever lawyers and accountants to avoid paying ..... |
|
| Are people in England the most taxed people in the world? |
| We seem to pay taxes for everything. Income tax, national insurance, VAT, local community tax, road tax, utility bills, tv license. It seems we just work to pay tax. Any other countries got more ... |
|
 Tax refund and child support??? |
| I have a 1yr son and his dad and I dont live together, we go halfers on mostly everything regarding my sons expenses (child care, diapers) however my son lives with me and if we calculate the ... |
|
 Why do prices increase every year? |
| Its an outrage it really is.The local butchers at the top of my street used to charge £1:20 for a savaloy sandwhich this was 4 years ago now it costs £1:60 for a savaloy sandwhich? Is it just greed ... |
|
 Can I claim my premature baby now dead on my tax return? (dead in November)? |
Additional Details
I hqave a ss# for her. Thank you all very much for the answers and mainly for the support. I am very impressed.... |
|
 Do you have to pay council tax if you havent yet moved in? |
| I'm going to be renting for a month before i move in simply to avoid the rush of people looking to move after xmas but do i still have to pay 1 months council tax even if im not there and there&#... |
|
 What is the least amount hours that need to be worked to be concidered full time employee? |
| I thought it was 32 hours... Am I wrong? I know 40 hours is also concidered fulltime however I thought 32 was the minimum.... |
|
 My boyfriends W-2 is being with held by his previous employer because he owes them money. IS that legal? |
| He work at a country club were he bought golf clubs on an expense account so he owes quite a bit...like $800.... |
|
 Is my friend just yanking my chain? |
| He told me that since the nation is in such a huge debt, that some people aren't getting their federal taxes back until September or even December of this year. I am almost sure he is trying to ... |
|
 If I'm married can I still choose to file as SINGLE status on my W4? |
| The reason I'm asking is because I'm making about $30K more this year than last and I don't have any big ticket tax deductions like a house or children. I think when you file as single ... |
|
 Why I pay tax to the queen? ? |
| i come from my country two years ago to work here in the unIted Kingdom and now I pay tax to the useless spoilt royals who do nothing for me, this not fair on my family it's ok for the british ... |
|
 Do people pay income tax?? |
| Hi people, this might sound really stupid, but a couple of days ago, I read in the paper that people who havent reached £6035 in wages then they dont have to pay income tax, can anybody help. I need ... |
|
 Tax Questions About W-2! Help! I Don't Understand...? |
I am in my early twenties, trying to learn the ins and outs of taxes. It has always been confusing to me...
I received my W-2. I didn't work much of 2007 so my income is roughly $18,00... |
|
|  |
Meteor | I did some hourly contract work for someone in 2008. They want me to fill out W2. Is this right? |
I did some contract work for someone in 2008. I billed them for my time and now they want me to fill out a W2. Wouldn't that mean I was an employee of theirs? Should I fill out a W2 if I did contract work and will claim it as income on my taxes?
Additional Details
You are right - the W2 was a mistake and they have sent me a W9 instead. So this is ok for me to fill out - they aren't trying any funny business right? This was basically just a few hours of constultant work for a small business. |
 |
 
crazydave
 |
You should not be filling out a W-2 if you are a contract worker. Only employers fill out W-2's. Traditional employees fill out W-4 forms to list how many exemptions they claim for withholding purposes.
They might have meant a W-9 form, which is a request for a taxpayer ID number, which will be your social security number. They need this info to send you a 1099 form which will list how much they paid you this year.
You will claim the amount from the 1099 (and any other contract income, even if you didn't get a 1099) on federal from Schedule C. You can also deduct any legitimate business expenses, such as tools, mileage, office supplies, phone, etc. to arrive at a "net" income, which will be added to any other W-2 income (if any). You will also be paying self-employment tax on the Schedule C net income, which is 15.3% of the net amount. |
|
v b
|
The are asking you to fill out a W-9. They are planning to give you a 1099-Misc.
If they accidentally sent you a W-2, ignore it and give them the right form. |
|
Enchantress71
|
You don't fill out a W-2...that's what they send you for tax purposes at the end of the tax year. They must want you to fill out a W-4, which allows them to take taxes out of your check and to report your income to the federal and state governments. Hourly contract work still must be reported to the government, otherwise you will be getting paid "under the table." Fill out the paperwork. |
|
Judy1
|
W2 - no. W9- yes. They should have had you fill it out earlier, before they paid you, but if they didn't, fill it out now. They need your ss# for your 1099. |
|
chick_fin
 |
The w-2 comes from the employer. The w-4 is what they need from you to determine their deductions.
What they want is your EIN so they can send you a 1099.
You would then need to claim this income on your tax return and pay income tax as well as all of the social security |
|
Charles G
|
Being a W-2 type of employee is good for you, because the company will pay half of your social security tax.
Whether you were an employee, or an independent contractor, is a matter of law and control. You could read the IRS article http://www.irs.gov/newsroom/article/0,,id=173423,00.html to determine if you were an employee or an independent contractor.
The usual scenario is an employer tries to pay an employee incorrectly with a 1099 to save on taxes. I have no way of knowing just from the question, but if our employer is trying to give you a W-2, you were probably an employee. |
|
Jss
|
Yes, W9 is correct. You must fill it.
Your income is self employed income. If you get it in 2009, it will be reported on 2009 tax return.
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 about self employed (or independent contractor) tax filing and payment of estimated taxes: http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html |
|
wartz
 |
The worker never fills out a Form W-2. That is the Wage and Tax Certificate the employer gives the employee to attach to his tax return. |
|
♥♥The Queen Has Spoken♥♥
|
If they didn't take anything out of your wages then they should give you a 1099. If they did withhold taxes etc from your wages then yes you should have filled out a W4
A W2 is the form they send a regular employee at the beginning of the year for tax purposes. |
|
nealeclark
|
Wartz is right.
YOU don't fill out the W-2 the employer does that.
That brings up the next question. What was the nature of your relationship with the business owner? Basically it comes down to, were you treated as an emplyee of the company, or were you really an outside contractor. I'd suggest looking at IRS pub 17 to get a feel for which one you really were. How they paid you is really irrelevant. If the facts suggest you were an employee then you should get a W-2, but if you really were independent then a 1099-MISC should be issued to you.
Generally the business owner will want you to be a 1099 person rather than a W-2 employee. That way it saves them on Soc. Sec., Medicare, FUTA, SUTA, W/Comp, etc..
In reality, if both of you can agree on what "status" you are then it will be essentially irrelevant to the IRS which you are. |
|
AJ
 |
No, you don't fill out a W-2.
All They should be doing is issuing you a 1099
Anyway, a w-2 is filled out prior to working. |
|
Jon h
|
Contract work is filed on a 1040EZ or a 1040 form since you were never an employee of theirs. It is considered self-employment. If it was under $400 you do not need to file anything, but they might be trying to file your wages as a write off for their tax return. |
|
David S
|
The W2 merely provides information about you for their records in case they get audited. If they paid you more than $600, you'll be receiving a 1099 - Miscellaneous Income, to file with your taxes. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
13 | 15 minutes(s) ago
| | | |
13 | 44 minutes(s) ago
| | | |
14 | 2 hour(s) ago
| | | |
13 | 4 hour(s) ago
| | | |
13 | 9 hour(s) ago
| | | |
12 | 1 day(s) ago
| | | |
13 | 2 day(s) ago
| | | |
13 | 5 day(s) ago
| | | |
13 | 2 week(s) ago
| | | |
13 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
