Independent contractor 1099-MISC taxa...

Independent contractor 1099-MISC taxation?

Posted in the Newport News Forum

wycuzupalive

Houston, TX

#1 Dec 8, 2013
Independent contractor 1099-MISC taxation?I am a tutor, and my employer gave me a 1099-misc showing $1100 (non-employee) in wages as an independent contractor, which I am fairly sure I'm not and he probably lists me as such so he doesn't have to match the taxes I pay. My parents have some investments under my name, in which I made more than $5000. I am attending university, so any taxes under $3000 are covered by education credit. Taxes on investment income were far less than $3000, but tax software says I owe roughly $200 in taxes on the 1099 income.$200 tax on $1100 is rough.

1. If he had given me a W2, I would be tax free, right?
2. He told me I would not have to pay taxes if I made less than $5000. Is this correct? I thought all independent contractors had to report anything over $400. Say I only made the $1100 with no investment income. Would I not have to pay taxes because the standard deduction covers everything?

Is any 1099 income taxed above $400, regardless of other income, because no taxes have been taken out?
coramowijyxe

Houston, TX

#2 Dec 8, 2013
wycuzupalive wrote:
Independent contractor 1099-MISC taxation?I am a tutor, and my employer gave me a 1099-misc showing $1100 (non-employee) in wages as an independent contractor, which I am fairly sure I'm not and he probably lists me as such so he doesn't have to match the taxes I pay. My parents have some investments under my name, in which I made more than $5000. I am attending university, so any taxes under $3000 are covered by education credit. Taxes on investment income were far less than $3000, but tax software says I owe roughly $200 in taxes on the 1099 income.$200 tax on $1100 is rough.

1. If he had given me a W2, I would be tax free, right?
2. He told me I would not have to pay taxes if I made less than $5000. Is this correct? I thought all independent contractors had to report anything over $400. Say I only made the $1100 with no investment income. Would I not have to pay taxes because the standard deduction covers everything?

Is any 1099 income taxed above $400, regardless of other income, because no taxes have been taken out?.
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