Independent Contractor Programmer With Reportable Income
Description
How to fill out Contract Between Web Designer And Programmer And Web Design Company?
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FAQ
If you are an independent contractor, then you are self-employed. The earnings of a person who is working as an independent contractor are subject to self-employment tax. To find out what your tax obligations are, visit the Self-Employed Individuals Tax Center.
To report your freelance income on a tax return, you must fill out Schedules C and SE for Form 1040.Obtain a copy of IRS Schedule C (Form 1040), or Schedule C-EZ, if applicable, Schedule SE and Form 1040.Determine your total freelance income by totaling all income for which you received 1099s.More items...
Independent Contractor ReportingYou are required to file a Nonemployee Compensation Form (1099-NEC) or a Miscellaneous Information Form (1099-MISC) for the services performed by the independent contractor.You pay the independent contractor $600 or more or enter into a contract for $600 or more.More items...
How to Fill Out a 1099-MISC FormEnter your information in the 'payer' section.Fill in your tax ID number.As a business owner, enter the contractor's tax ID number which is found on their form W-9.Fill out the account number you have assigned to the independent contractor.More items...
Independent contractors report their income on Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship). Also file Schedule SE (Form 1040), Self-Employment Tax if net earnings from self-employment are $400 or more.