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Additional Details
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Melinda B | If I make $8,000, get a 1099, and am 16 yrs old, do I HAVE to file? |
Additional Details
I just started a new job and my boss told me they would give me a 1099. So I did some figuring, and I am going to come out oweing like $1500 (according to turbotax) my parents claim me as a dependant. I filed last year, but I had a different job and got a W-2. I am trying to figure out if I should keep this job or go back to the other one! I can't afford $1,500!
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shiprepairwoman
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Yes, you will have Self Employment tax even if you don't owe income tax. You may not be able to claim yourself if your parents paid more than half your support so you may owe income taxes also. If you are going to be self employed you need to make quarterly payments so may have to fill out the penalty form. Since you probably didn't pay taxes for 2006 you probably won't have a penalty this year. |
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Judy1
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You sure do, and you'll owe tax if you haven't made estimated payments through the year. If you don't file, the IRS will send you a bill for what you owe, and by that time interest and penalties will be added to what you owe in the first place.
You'll probably owe around $266 for income tax, plus $1130 for self employment tax for social security and medicare, for a total of around $1396. |
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bostonianinmo
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Since no taxes were withheld from your pay, and since you have over $400 in Self-Employment income you MUST file and pay your taxes. Since your income is over the filing requirement amount for your filing status ($5,350) then you must file under that rule as well.
The SE tax on $8,000 is $1,130 and the income tax is $265 leaving you with a total tax liability of $1,395. The penalties and interest on that, since it's over $1,000, could bring that up to $1,500 easily.
It's very likley that your "employer" was illegally treating you as an Independent Contractor and not as an employee. This is pretty common and the IRS is starting to come down on these trolls. He is ripping you off for half of your Social Security and Medicare taxes and is evading payment of payroll taxes as well. On top of that you are not covered under your State's Worker's Compensation system if you are an IC so if you're injured on the job you're on yoru own for the medical costs and lost income.
I would suggest that you file Form SS-8 with the IRS and get a ruling on your status before you file. Here's a link: http://www.irs.gov/pub/irs-pdf/fss8.pdf You have time to file this and get a ruling from the IRS before the April 15th filing deadline if you move on it TODAY.
If the IRS rules that you are an employee and not an IC, your "employer" will replace the 1099 with a W-2. No taxes will show as being withheld so you'll still have to pay them but your tax bill will drop to about $877. You'll have to attach Form 8919 to your Form 1040 tax return to calculate and pay the Social Security taxes that were not withheld from your pay but you'll be saving over $600 this way so it's worth pursuing it.
Edit: You can get a copy of IRS Pub 17 on the IRS website. Here's a link to that: http://www.irs.gov/pub/irs-pdf/p17.pdf Also, get a copy of IRS Pub 334: http://www.irs.gov/pub/irs-pdf/p334.pdf and IRS Pub 535: http://www.irs.gov/pub/irs-pdf/p535.pdf and the instructions for Schedule SE: http://www.irs.gov/pub/irs-pdf/i1040sse.pdf for further information.
YOU are correct that you will have to pay your taxes. Your Dad is wrong on this one. Sorry, Dad, but the law is clear on this one! |
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v b
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Your boss may have misclassified you as a contractor rather than as an employee. By doing so, he put the burden of his 7.65% of your wages for payroll taxes onto you. Everything else was money out of your paycheck anyway (when you were on a W-2, the payroll and income taxes were withheld for you).
I would suggest reading IRS form ss-8 and see how your job compares to the descriptions given.
Absolutely, positively do not forget to file. If you owe $1500 and do not file, the failure to file tax is 4.5% per month (for a total of 5 months) and the failure to pay penalty is .5% per month. The IRS will work with you to set up a payment plan, but the failure to pay penalty (and interest) continues to accrue. |
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hollygirl732001
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yes. but what kind of job was it, you may have deductible expenses, which would lower your SE tax. Email me at hollygirl732001@yahoo.com, I prepare taxes, I may be able to help you. |
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stephenweinstein
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If you receive a 1099 for over $400, you have to file, regardless of age.
How much did the other job pay? Tthe $8000 from this job is enough to pay the $1500 tax and have $6500 left. Is that more left than the other job paid? |
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wartz
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A 16 year old independent contractor? Give me a break.
I have a canned explanation to apparently clueless independent contractors and, if you are asking relatively simple questions in this forum, no offense, but you qualify as clueless:
Some employers try to get around paying employment taxes (social security and unemployment) and other employee benefits like workers compensation insurance by improperly classifying employees as independent contractors. The basic issue is the amount of control the employer has over the worker. If you are required to show up for work--personally--at a particular time, punch the clock, use the employer’s equipment and are paid an hourly rate, or another set rate based on time served, you are an employee. If you didn't understand the difference when you posed your question, I would be even more convinced that you are an employee. What is your preference, Slotted or Phillips? Complete an IRS Form SS-8 to get an official ruling on your status. This will help you get unemployment if you get fired. When you file your income tax return, you can attach Form 8919 Uncollected Social Security and Medicare Tax on Wages and only pay the employee's half of social security. You will still have to cough up all the income tax. IRS and the states are stepping up enforcement in this abuse area.
You need to contact your state labor department because he is probably doing the same to everybody.
And yes, you have to file. If nothing else, you will owe IRS $1,130 in Social Security and Medicare taxes. This should have been withheld by your employer. |
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jettachef86
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im pretty sure you ALWAYS have to file. im still kind of learning taxes as i go, but unless youre under your parents as dependents, then you need to file your taxes yourself. |
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