Freelance work TAX question HELP!!!

[arowfan]

Hey all I have a freelance gig I'm gonna do on Saturday. Its under $600 bucks, and the woman told me today that I have to fill out some IRS form-I asked if it was a 1099 form and she said yes, I think so-but wasn't sure.

My question is: I'm not gonna be taxed for this am I? Cause its well under $600...

What do you think?
She's gonna call me back within the hour, so if anyone knows can you respond ASAP?!?!?!

Much appreciated guys!

 

[jcardona1]

tax will not be withheld; its as if your were self employed. you are responsible for calculating and making regular tax payments to the IRS throughout the year, much like a normal worker would have taxes withheld from each check.

but if this will be your only income under a 1099 i wouldnt worry about it. just include with your normal taxes at the end of the year and pay the taxes then. $600 of income is pretty neglible

 

[Pharaoh]

tax will not be withheld; its as if your were self employed. you are responsible for calculating and making regular tax payments to the IRS throughout the year, much like a normal worker would have taxes withheld from each check.

but if this will be your only income under a 1099 i wouldnt worry about it. just include with your normal taxes at the end of the year and pay the taxes then. $600 of income is pretty neglible

What she said.

 

[arowfan]

thanks j

 

[JakeH]

Its probably an I-9 form that says you have the right to work in the US. Any 1099 income totaling (for the whole year) less than $600 doesn't need to be reported at all. If its $601, report it. Just remember that any 1099 income over that $600 threshold will obligate you to pay a self-employment tax, which is STEEP. On my taxes last year, I went from getting back a few hundred bux to owing over $1500!

 

[aquahunter]

We're in the Guinness book of world records for lowest taxes. lol when they proposed the IDEA of introducing a 1% income tax, everybody was furious and ready to start riots. I love my country.