Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-13-2015, 04:26 AM
Junior Member
 
Join Date: Apr 2015
Posts: 1
Employee AND Freelancer

Hi all, first post, appreciate any help this thread receives.

I started 2014 as an independent contractor being paid by a small company. After receiving $800, the company decided to make me a parttime employee. Then I received $6000 over the remainder of the year as a wage.

So for the year of 2014 I've received $6800 in total from this company and no other income. I've also paid about $7500 in tuition.


Can anyone describe the procedure for filing in a situation like mine? Or at least, let me know where I can read about it for myself?

Filing state: California

Thanks!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-13-2015, 07:38 AM
Moderator
 
Join Date: Oct 2010
Posts: 4,620
Can anyone describe the procedure for filing in a situation like mine?====>>in principle, the payer needs to issue 1099MISC as he has
paid during the year at least $600 ; a 1099-MISC is only needed if the amount in question is above $600.So you need to report your 1099 income on Sch C line 1 part1.aslongas three amount on Sch C line 29/ 31 is $400 or exceeds $400, you need to file your returnas an IC and also aslongas there amount on Sch SE line 2 / 3 is also $400 or exceeds $400 , then, you need to pay self employment tax to IRS and you can deduct 50% of your seca tax on 1040 line 27.you need to report your wage of $6k on 1040 line 7 however,I guess as you can deduct (The Tuition and Fees Deduction may directly reduce your income subject to tax by up to $4K,. You may be eligible for the Tuition and Fees deduction even if you do not qualify for the American Opportunity Credit or the Lifetime Learning Credit.) your tuition cost up to $4K, acutally you do not owe tax to IRS/your state. However, You should file to get money back if Federal Income Tax was withheld from your pay on W2, (IF you made estimated tax payments, or had a prior year overpayment applied to this year’s tax.) as said above, aslongas the amount on Sch C line 29/ 31 is $400 or exceeds $400 you must file return.



Or at least, let me know where I can read about it for myself?=======>>>>>you may visit the IRS website here for more info in detail; Self-Employment Tax (Social Security and Medicare Taxes)



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 09-21-2016, 01:28 AM
Junior Member
 
Join Date: Sep 2016
Posts: 25
Terima kasih untuk artikel Anda



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
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

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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Freelancer - Mileage Deduction on reimbursed receipts? Maureritis For 2013 1 04-10-2014 03:35 AM
1099 for employee GHG7F0 Sole-Proprietorship 4 01-29-2012 01:12 PM
Non-employee compensation filed but was an EMPLOYEE! smjabrown Income 1 01-13-2012 03:51 AM
Non Employee Under $600 mrbittler Sole-Proprietorship 2 02-04-2011 02:45 PM
Does an employer have to certify an employee with the Alabama Department of Revenue (ADOR) by proving the unemployment status of the employee? TaxGuru Alabama 0 07-13-2010 08:45 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning