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Old 04-12-2005, 10:30 PM
ed
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Default Re: Occasional consulting work: payment in BOX 7 (non-employee compensation) of 1099MISC

Start out on Schedule C (and yo may have some expenses to
write off against it) and proceed to Schedule SE and don't
forget to deduct 1/2 the SE tax on 1040 line 30.

ed

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  #2  
Old 04-12-2005, 10:11 PM
mytax@adams.net
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Default Re: Occasional consulting work: payment in BOX 7 (non-employee compensation) of 1099MISC

Schedule C and that flows to form 1040 and Schedule SE for
the self employment tax.

Missy Doyle

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  #1  
Old 04-12-2005, 10:11 PM
Harlan Lunsford
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Default Re: Occasional consulting work: payment in BOX 7 (non-employee compensation)

for_idea wrote:

- quote -

> I happened to have the skills a company needed. So I worked
> for the company occasionally last year. Finally, I got about
> $10,000 payment and they also gave me a 1099MISC form. The
> amount of money is put in BOX 7.
> Should I file the income as self-employed income or other
> income or miscellaneous income? How to file it?


Use schedules c and se, for you were self employed.

[something snipped by Moderator]

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Old 04-12-2005, 10:11 PM
effi
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Default Re: Occasional consulting work: payment in BOX 7 (non-employee compensation) of 1099MISC

"for_idea" <zhiyang[at]gmail.com> wrote:

- quote -

> I happened to have the skills a company needed. So I worked
> for the company occasionally last year. Finally, I got about
> $10,000 payment and they also gave me a 1099MISC form. The
> amount of money is put in BOX 7.
> Should I file the income as self-employed income or other
> income or miscellaneous income? How to file it?


assuming you were indeed an independent contractor and not
an employee and you are required to pay u.s. federal income
tax, it may be self employment income to be reported on
schedule c, with self employment tax due on your net profit
after related business deductions (unless the net profit is
under $400, in which case there would be no self employment
tax); and also federal income tax due on the schedule c net
profit if you're in a taxable position on it for the year

consider seeking a professional's assistance with your tax
matters if you do not fully understand what you are doing
with them

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  #-1  
Old 04-11-2005, 09:27 PM
for_idea
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Default Occasional consulting work: payment in BOX 7 (non-employee compensation) of 1099MISC

I happened to have the skills a company needed. So I worked
for the company occasionally last year. Finally, I got about
$10,000 payment and they also gave me a 1099MISC form. The
amount of money is put in BOX 7.

Should I file the income as self-employed income or other
income or miscellaneous income? How to file it?

Thanks,

George

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Tags
1099misc, box, compensation, consulting, nonemployee, occasional, payment, work
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