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Independent contractors receive a 1099 form. ... One of the biggest differences between 1099 and W-2 employees is that employers are required to withhold income taxes from W-2 employees to pay the ...
Discover: What Is the Difference Between Tax Forms 1040, ... Form 1099-MISC, Miscellaneous Income, is still used for at least $10 in royalties or at least $600 in rent, prizes and awards, medical ...
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.
Form 1099 is also used to report interest (1099-INT), dividends (1099-DIV), sales proceeds (1099-B) and some kinds of miscellaneous income (1099-MISC). Blank 1099 forms and the related instructions can be downloaded from the IRS website.
Discover: What Is the Difference Between Tax Forms 1040, 1040A and 1040EZ? ... Form 1099-OID, Original Issue Discount, is used by stock brokers to report this interest. When you receive this 1099 ...
The distinction between independent contractor and employee is an important one in the United States, as the costs for business owners to maintain employees are significantly higher than the costs associated with hiring independent contractors, due to federal and state requirements for employers to pay FICA (Social Security and Medicare taxes) and unemployment taxes on received income for ...
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