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Form 1099-MISC Greensboro North Carolina: What You Should Know

It also includes: Payment amount from the service provider Amount of any payment made to the service provider by the payee of the service provider Tax Form 1099-MISC (Rev. January 2022) 1099-NEC (Rev. July 2017) A business that pays a contractor an amount of more than 600 at one time is required to file Form 1099-MISC for that year to report the payment. The payment is for services performed by an independent contractor, who is not:  An employee of the business A partner, proprietor, officer, director, servant or employee of the business A beneficiary of the business A family member of the above. If any recipient fails to file a Form 1099-MISC for payments made and a Form 1099-NEC for payments made by the payee (see above for examples), the recipient will have the following: The income is reported as wages rather than capital gain. Because the recipient is not an employee, the recipient will be required to include the income in the individual's gross income on Form 1040. The recipient will be required to report the payments on his or her tax return as wages. The payment may cause the recipient to be subject to income tax withholding for the tax period in which it was received rather than the year the payment was received. The recipient will need to estimate how long it took him or her to receive the payment and what tax rate he or she may be subject to based on his or her filing status (such as married filing separately). The recipient will be required to report on the recipient's tax return the gross amount of the payments received, with the following: The gross amount of the payments received. The gross income from the performance of services by the independent contractor. Because the recipient is not an employee, the recipient will be required to include the income in the individual's gross income on Form 1040. Because the recipient is an independent contractor, the recipient will be required to pay self-employment tax. If the recipient fails to include the income on his or her tax return, self-employment tax is on his or her return. The recipient's earnings will not be included in gross income for purposes of the tax-exempt portion of the self-employment tax. The recipient is subject to the tax.

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