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Chandler Arizona Form 1099-MISC: What You Should Know

The following information is a guide to the information in Form 1099-MISC and 1099-MISC Schedule H: A. For the purpose of claiming self-employment tax credits, the first 6,000 of net wages are subject to the self-employment tax if the gross wages do not exceed 2,000. B. The net wages subject to the self-employment tax are calculated by adding the cost of the services provided by the independent contractor to the cost of the services in dollars, as explained in Section VIII of IRS Publication 519, Business Expenses. C. As explained in Section IX of IRS Publication 519, Business Expenses, the cost of any supplies included in the services provided by the independent contractor to the taxpayer shall be added to the cost of services provided. D. Any net profit is subject to the self-employment tax. E. Gross income is generally subject to self-employment tax on the first 6,000 of gross pay, excluding amounts subject to the self-employment tax such as taxable retirement or profit sharing payments. F. As discussed in Section XVII of IRS Bulletin 2004-13, Independent Contractor's Earned Income Credit, any gain from the sale of an asset, in amounts not subject to the self-employment tax, is not subject to the earned income exclusion (EIC) or the special rule for interest and dividends. G. The employer should pay any excess EIC or special tax exclusion on the 1099-MISC. H. Where a 1099-MISC is received by an independent contractor not subject to the self-employment tax and who works in a business with the taxpayer, then the 1099-MISC is included in the year of payment by the contractor. However, for employees employed by an independent contractor, the 1099-MISC is included in the year of payment by the independent contractor. I. The 1099-MISC is not subject to the independent contractor's EIC or special rule for interest and dividends.  J. The net W-2 withholding for employees of a business with the taxpayer is subject to the separate self-employment tax for each independent contractor. In addition, the 1099-MISC is sent to the appropriate reporting employer. The employer may remit that 1099-MISC to the IRS as income, if required by law. K. Employers that pay independent contractors as employees and then use the 1099-MISC.

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