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#2
06-02-2006, 05:37 AM
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 Re: 1099 question "CDH Taxman" <chenson[at]providencefinancial.net> wrote - quote - > Is there any age limit in which a taxpayer does not have to
Nope. They could be just hours old, or closing in on 100.> pay SE tax on 1099-MISC income. - quote - > A young man receives a 1099 for construction labor and he is
Yes. He needs to report this on schedule C or C-EZ.> 18 years old. The 1099 is probably incorrect, as he probably > should have received a W-2. I believe it needs to be > reported on C-EZ and pay SE tax accordingly. > What if he was under the age of 18, he would still have to > consider this as SE income and pay SE tax. Do you agree? And to be fair, many in the construction industry get 1099'd. -- Paul A. Thomas, CPA Athens, Georgia << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
01-30-2006, 02:58 AM
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| Re: 1099 question Phil Marti wrote: - quote - > "CDH Taxman" <chenson[at]providencefinancial.net> wrote:
See also IRS Form SS-8.> > Is there any age limit in which a taxpayer does not have to > > pay SE tax on 1099-MISC income. > No. > > A young man receives a 1099 for construction labor and he is > > 18 years old. The 1099 is probably incorrect, as he probably > > should have received a W-2. I believe it needs to be > > reported on C-EZ and pay SE tax accordingly. > > > What if he was under the age of 18, he would still have to > > consider this as SE income and pay SE tax. Do you agree? > Whether wages or NEC, FICA/Medicare is in play. You can push > the employer/employee issue or just report it on Schedule C, > flowing to Schedule SE if it exceeds the minimum. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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01-27-2006, 03:55 AM
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| Re: 1099 question "CDH Taxman" <chenson[at]providencefinancial.net> wrote: - quote - > Is there any age limit in which a taxpayer does not have to
No.> pay SE tax on 1099-MISC income. - quote - > A young man receives a 1099 for construction labor and he is
Whether wages or NEC, FICA/Medicare is in play. You can push> 18 years old. The 1099 is probably incorrect, as he probably > should have received a W-2. I believe it needs to be > reported on C-EZ and pay SE tax accordingly. > What if he was under the age of 18, he would still have to > consider this as SE income and pay SE tax. Do you agree? the employer/employee issue or just report it on Schedule C, flowing to Schedule SE if it exceeds the minimum. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
01-27-2006, 12:50 AM
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| 1099 question Is there any age limit in which a taxpayer does not have to pay SE tax on 1099-MISC income. A young man receives a 1099 for construction labor and he is 18 years old. The 1099 is probably incorrect, as he probably should have received a W-2. I believe it needs to be reported on C-EZ and pay SE tax accordingly. What if he was under the age of 18, he would still have to consider this as SE income and pay SE tax. Do you agree? -- Chris Henson President Providence Financial Services, Inc. chenson[at]providencefinancial.net 479/736-4PFS (4737) << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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