Go Back   CDN Business Directory > Main Category > Taxes

 
 
Thread Tools Display Modes
  #3  
Old 03-15-2007, 04:09 AM
parrisbraeside@yahoo.ca
Guest
 
Posts: n/a
Default Re: 1099-MISC & W-2

rya...[at]ptd.net wrote:

- quote -

> I'm 18 years old senior in High School. I recieved this year
> a w-2, total earnings $3570.40 had operation so i had to
> quite and got another job where i dont get taxes taken out,
> reived a 1099-MISC i only got $1600.00 for that (this is
> only for cleaning). SO What do i use to file just a 1040? or
> other forms.... Is it possible to use the 1040EZ (im not
> finding it on there) Do i still recieved my deduction of
> $5,150.00 for being single and only earning $5,170.40? My
> grandmother usually does my taxes but she is unsure of the
> 1099-MISC and where to get the deduction input if not using
> a 1040ez... Can anyone help me with what forms i need and
> any other knowledge you have.


I would get yourself a copy of Publication 17 and take a
look at the chart explaining which form to use.

The W-2 means you were employed but the 1099MISC means you
also were self-employed. Given you were self-employed, you
may wish to invest in a tax preparer since the return is not
normal for the usual family returns done by an Uncle or
Grandmother. (But there are some smart cookies out there.
But SE knowledgable preparers are not normal.)

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
  #2  
Old 03-14-2007, 03:03 AM
Missy
Guest
 
Posts: n/a
Default Re: 1099-MISC & W-2

rya...[at]ptd.net wrote:

- quote -

> I'm 18 years old senior in High School. I recieved this year
> a w-2, total earnings $3570.40 had operation so i had to
> quite and got another job where i dont get taxes taken out,
> reived a 1099-MISC i only got $1600.00 for that (this is
> only for cleaning). SO What do i use to file just a 1040? or
> other forms.... Is it possible to use the 1040EZ (im not
> finding it on there) Do i still recieved my deduction of
> $5,150.00 for being single and only earning $5,170.40? My
> grandmother usually does my taxes but she is unsure of the
> 1099-MISC and where to get the deduction input if not using
> a 1040ez... Can anyone help me with what forms i need and
> any other knowledge you have.


You must use a form 1040 along with schedules S and SE.
You have to pay your own social security and medicare tax.

Missy Doyle

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
  #1  
Old 03-14-2007, 03:03 AM
Paul Thomas, CPA
Guest
 
Posts: n/a
Default Re: 1099-MISC & W-2

<ryan88[at]ptd.net> wrote

- quote -

> I'm 18 years old senior in High School. I recieved this year
> a w-2, total earnings $3570.40 had operation so i had to
> quite and got another job where i dont get taxes taken out,
> reived a 1099-MISC i only got $1600.00 for that (this is
> only for cleaning). SO What do i use to file just a 1040? or
> other forms.... Is it possible to use the 1040EZ (im not


You can't use the 1040EZ.

You've "graduated" to the full blown 1040, including
Schedule C and SE for the $1600 self-employment income.

That $1600 will cost you about $240 in SE tax.

- quote -

> finding it on there) Do i still recieved my deduction of
> $5,150.00 for being single and only earning $5,170.40? My
> grandmother usually does my taxes but she is unsure of the
> 1099-MISC and where to get the deduction input if not using
> a 1040ez... Can anyone help me with what forms i need and
> any other knowledge you have.


Consider giving grandma a big hug and taking your paperwork
to a tax professional this year.

And consider finding employment where they treat you as an
employee.

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
 
Old 03-13-2007, 09:26 PM
Rich Carreiro
Guest
 
Posts: n/a
Default Re: 1099-MISC & W-2

ryan88[at]ptd.net writes:

- quote -

> I'm 18 years old senior in High School. I recieved this year
> a w-2, total earnings $3570.40 had operation so i had to
> quite and got another job where i dont get taxes taken out,
> reived a 1099-MISC i only got $1600.00 for that (this is
> only for cleaning). SO What do i use to file just a 1040? or
> other forms....


1040 plus Schedule C (or C-EZ) plus Schedule SE.

- quote -

> Is it possible to use the 1040EZ (im not

No, because you have business income.

- quote -

> finding it on there) Do i still recieved my deduction of
> $5,150.00 for being single and only earning $5,170.40?


Yes, so your *income* tax will be near zero. However,
that doesn't get you out of the self-employment tax
on the 1099-MISC job.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
  #-1  
Old 03-12-2007, 11:34 PM
ryan88@ptd.net
Guest
 
Posts: n/a
Default 1099-MISC & W-2

I'm 18 years old senior in High School. I recieved this year
a w-2, total earnings $3570.40 had operation so i had to
quite and got another job where i dont get taxes taken out,
reived a 1099-MISC i only got $1600.00 for that (this is
only for cleaning). SO What do i use to file just a 1040? or
other forms.... Is it possible to use the 1040EZ (im not
finding it on there) Do i still recieved my deduction of
$5,150.00 for being single and only earning $5,170.40? My
grandmother usually does my taxes but she is unsure of the
1099-MISC and where to get the deduction input if not using
a 1040ez... Can anyone help me with what forms i need and
any other knowledge you have.

Thank You!

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
 

Tags
1099misc
Similar Threads
Thread Forum Replies Last Post
1099-MISC
felix: I participated in a usability study at Microsoft. They gave me a piece of software as gratuity. They have mailed me a 1099-MISC form that has the...
Taxes 16 06-30-2006 10:08 PM
no 1099-misc
George: I am self-employed. Most of my business income ($25K last year) comes from in-home work for one out-of-state company. Last year, I did some work...
Taxes 3 03-31-2006 10:51 AM
no 1099-misc
George: I am self-employed. Most of my business income ($25K last year) comes from in-home work for one out-of-state company. Last year, I did some work...
Taxes 2 03-24-2006 05:22 AM
1099 MISC, what to do, please help
Cool Guy: I was a working as a contractor for an employer A working for Company B whereas company A got this contract from B and A asked me to start working...
Taxes 5 03-18-2005 12:23 PM
1099-MISC
Nobody: Does anyone have any experience entering these into say, an online tax program like the TurboTax online? It doesn't give me any place to enter the...
Taxes 8 01-22-2004 05:57 AM



Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

All times are GMT. The time now is 03:51 PM.