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As of this remains a problem. This provision creates a tax loophole.
There may be other forms, such as Form W-2 for wages or Form K for payments made with a credit card that must be filed instead. Retrieved July 1, Retrieved January 19, For the mmisc of this form, "business" includes nonprofits and other organizations. Retrieved January 16, This page was last edited on 9 Januaryat Instead, Form K will be filed by the payment service. It is possible for a payee to start as a contractor and later become an employee. In any case, this provision necessitates tracking payments separately.
InForm was created by the Internal Revenue Service for use with the tax year. Views Read Edit View history. It is also musc for a payee to maintain two jobs—one as a contractor and the other as an employee—under the same payer. Even those who don't need to pay income tax may still owe some social security or Medicare taxes.
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Archived from the original PDF on March 15, from A major difference exists for personal payments when the payee is a nonresident for tax purposes including undocumented alien. Retrieved January 20, As part of their tax return, independent contractor payees will usually complete a Schedule C amount from Schedule C will go on line 12 of Formand Schedule SE amount from Schedule SE will affect Lines 27 and 57 of Formand in particular will influence the calculation of Social Security and Medicare taxes.
There is a penalty to the payee for not paying income tax for the income referenced by Form MISC. The form is issued by the payer e. This means that if the payee meets the minimum threshold for receiving Form K, they may actually receive fotm Form MISC and Form K and possibly over-report their payments. Retrieved from " https: Retrieved July 8, Form need not be attached to the payee's tax return if no tax was withheld.
The ubiquity of the form has also led to use of mics phrase " workers" or "the economy" to refer to the independent contractors themselves. The blank is formand Washington business organizations can procure it by applying at the Treasury.
However, there are a few key differences:. Withholding requirements are different for nonresident payees, in which case Form S is used instead.
2012 1099-MISC Forms Online: 1099-MISC Software from RealTaxTools.com Released
Retrieved October 4, Archived from the original on December 14, Retrieved January 1, Source Income Paid to Nonresident Aliens". From Wikipedia, the free encyclopedia.