|1099 form for subcontractors||1.49||0.3||3575||78|
The W-9 is used by an employer to generate Form 1099-MISC, “Miscellaneous Income,” for a subcontractor. Form 1099-MISC is the end-of-year document that is given to a subcontractor so that he can file his tax return.What businesses are exempt from a 1099?
However, corporations are generally exempt from 1099 reporting requirement. Companies must report applicable payments made to all other business types including limited liability companies, general partnerships, sole proprietorships and limited liability partnerships.What is the minimum amount for completing a 1099 form?
A 1099-OID is for Original Issue Discount, the minimum amount that should be reported for this type of form is $10. This form is usually used for financial products like bonds or notes that were not purchased at their set or face value. It must have a maturity date of at least one year if not more.What are the tax implications of being a 1099 contractor?
Know the tax implications of being a 1099 contractor, so that you can plan for and file your taxes correctly. As a 1099 contractor, you have to make quarterly tax payments to the IRS, unless an exception applies. You're not an employee, and therefore there's not employer to withhold those taxes from your paycheck.