I am looking into independant contractor, I will make roughly $2625 for the remained of this year (its all I need).  Is that enough to have to be reported?  Or will I be wasting the IRS's valuable time?
200095
Ugh, you need to file your taxes if you make more than $400 as an IC and I believe $700 as an employee. Not everyone has to file taxes.\n\nDON'T listen to ALMOST ALIVE. The IRS's site and other documents clearly state that independent contractors have to file if they make OVER $400. I'm sure he'll get caught soon. ALMOST ALIVE, aside from the taxes that you owe, just imagine how much in penalties you will have to pay-up to 25%. And, the IRS calculates interest on a daily compounded basis at a minimum of 7%. They have up to 10 years to collect for each tax year.
442059
If you work on a 1099, you pay self-employment taxes of 15.3%.  You'd pay half of that as FICA deductions if you were an employee, so to compensate for the extra you pay with a 1099, you'd have to make around an additional $12,000 to equal $150K for a W-2 employee.\n\nFringes like insurance depend on what you'd have to pay to get comparable individual coverage, and that depends on your family situation.  You'd have to check around in your area to see what it would cost you, then add that on to the $150K + $12K.  And don't forget items like vacation and sick days - as a contractor, you'll only get paid for the actual hours that you work.\n\nGood luck.
67387
If this is the first time you're filing your taxes on your own, I'm guessing they're not that complicated. I would use Turbo Tax for the web (for free) if your AGI is under $28.5k. I used it for the past two years (prior to this year) and I find it to be excellent.
30959
it also depends on the terms of your employment.. if you are an at will employee, private contractor or what.. it doesnt say in your post anything specific enough..
207922
I believe that if you make $600 or more you have to file a 1099.  So probably would be in your best interest to file a return, unless you made less than $600.
146764
Each exemption on a weekly basis is worth $63.46, so for 6 exemptions, your employeer will take $380.76 off your gross earnings before calculating federal taxes.  Note, if you paid every other week double this amount (so $761.52) (this can be found in the source on page 34).  Now, If your gross earnings are less then this, you will have no federal taxes withheld.  However, for an example say you gross $30,000 a year, that's $576.92 every week.  (What I am about to list I found on the source on pages 40-41, which is the pages you'll use to try other numbers, which I will explain later.)  Note this example is only for a weekly pay period, however if you are on a bi-weekly pay period, just double everything.  With 0 exemptions, federal withholding is approximatly $49.  With 6 exemptions it is approximatly $4.  So, for this example you have $45 extra each week.  To find out what it would be for you, looking at you pay stub find your gross pay, look it up in the charts on pages 40-41(which are the pages for married filing jointly, weekly pay period), unless you are on a bi-weekly pay period, then the pages are 44-45.  Find the amount the range in the two left columns that falls to either side of your gross pay (so for $576.92 I used the 570-580 line).  The columns after that are for each exemption 0 to 10.  If you need any help you can email me at waysj@yahoo.com and I'll give you what help I can.
4537
http://www.thestreet.com/funds/taxforum/955718.html\n\nFor IRS (federal tax, not state) \n\nYou should file if you fit into any of the following categories.\n\nUnearned income, like interest and dividends, exceeds $700 annually; or \n\nEarned income, like wages and tips, is over $4,400 a year; or \n\nThe total of unearned and earned income is greater than the larger of (a) $700, or (b) earned income (up to $4,150) plus $250.
520072
As an independent contractor you are a sole proprietor. Either way you file schedule C with your tax return each year. If you are worried about liability issues you could form a single member LLC.  You would still file the same schedule C with your tax return.  The llc could cost more in fees in your state.
487814
If you do not see any calculations in your pay stub that equate to 6.2% or 1.45% or 7.65% of your pay (after adjusting for FICA-free benefits, maybe your employer was treating you as self-employed.  You need to know, because that then means the IRS will come to you for the whole 15.3%.
538663
Ask them for name and address. Since you will be paying them as part of your business, then they are your employees and they need to fill out a W-4 Form.  \n\nIf you are paying customers for services rendered then they are Independent contractors, and you will need to send them Form 1099 at the end of the year.
218626
If you make over $650 for the year, it will be reported to the IRS for tax purposes. Which can result in you paying back your unemployment, maybe being penalized.\n\nIf less than $650 the earnings will not be reported & you'll be fine.
522494
There is a lot of mention of form 1099 here.  If your earnings from any one organization do not exceed $600, you wil not get a 1099.  however, you must still report the income.  I have doubts that Schedule C is appropriate.  I was a soccer referee in the UK for many years.  I reported it as miscellaneous income as I was not refereeing with the intention of making a profit.  I think the largest net income I ever had was 33 pounds.\n\nI would advise taking your tax information to a CPA or EA so they can consider the full ramifications.  \n\nI hope you have been keeping receipts for all your expenses, as well as full mileage records.  This will mitigate any tax you have to pay.
9581
IRS Designation 1099 in lieu of W2/W4. Contractor status.\nAll taxes are responsibility of your sub contractor.\nI do 1099 work often.\nTo be fair let your worker no of all the rules.
34472
It's quite simple to file with only one W2 but since you are from out the country, the lingo of the IRS may be scary. I would recommend an accountant until you have a good understanding of the taxes in this country.
601366
I don't suppose I would ever pay someone the full amount for a job before the actual job is complete. It's a little like saying 'Here take my money I don't care what you do!' At least it would to someone who doesn't care one way or the other. Now, if by chance there would be someone out there that WOULD do something soooo silly, they may want to contact the state and file a lien against this person. It would be in their best interest, weather in GA, or not, to also file a complaint with the BBB. Unfortunately there are not really any ground rules for allotted time lines for carpentry. The job, depending on size, could take as little or as long as need be, as long as work was being done steadily. Call around, descript' job size to another contractor, one or two should do nicely, and have them give their best 'guesstimation' of job completion. Go back to original, paid worker, and give them a reasonable amount of time, adjusting of course for elapsed time and work accomplished thus far, to complete the job hired to do. After that you will probably have to pray they don't dash away with your money. Good luck!! Hmmm
29466
The safest (and maybe smartest) way to approach this is to look into filing a 1040ES, Estimated Tax for Individuals.  It helps you estimate what your income not subject to withholding (such as your business) will be, and to calculate the estimated tax payment so you can make quarterly payments to the IRS.\n\nThis is advisable because if you under-withhold based on your income, you can be penalized by the IRS for it.  Here is a link to the form and its instructions.  You'll need Adobe Acrobat and/or its web plug-in to view it:
120763
I pay quarterly taxes because I am an independent contractor.  Ask to be 1099'd by your employer.  Then you have the option to pay taxes at the end of the year or quarterly.