Free Tax Tips

Posts Tagged ‘w2’

Question: How do I go about filing a 2004 tax return without W2’s or 1099?

I trusted a family member to file my return in 2004 using Turbo Tax and they said they did it electronically. When I finally discovered that it wasn’t filed it was too late and not only had their computer crashed but they lost my paperwork. Two different W2’s and a 1099. It was a nice amount I was to recieve back so it would be great if I could figure out what to do. HELP?

Answer: Accuverify.com will help you obtain your federal w-2s and 1099s from the IRS in 1-2 business days.

Volunteers provide free tax service at local Goodwill

If you’re feeling overwhelmed by the idea of filing W2 and 1099 forms in your tax return, a volunteer organization may be able to help.

Question: Employer does not file taxes~ can he still report wages to IRS?

My fiance’s employer has not withheld any tax money from him
this year. He just pays him cash every week- and I know this isn’t good! If his employer does not fill out a 1099 at the end of the year, reporting the wages he has paid his employee- can my fiance’ still report it himself? With a close estimate of what he earned? Or does he have to have documentation from the employer?

Answer: He doesn’t need documentation form the payer of the monies, but he DOES need to keep accurate financial records himself.

He’s being paid as an independent contractor. Legally his status is self-employed. If he’s not keeping accurate financial records of his income and expenses he’ll be in dutch with the IRS at tax time. He needs to get off his lazy backside and set up a bookkeeping system.

Rolling back misconceptions on income tax

The U.S. tax code is massive and complicated — the perfect fodder for mythmaking. Perhaps the most well-worn fallacy — shot down by many courts despite the best efforts of tightfisted taxpayers — is that federal taxes are actually illegal.

Question: Does a US citizen, nurse, over 21 who received a 1099 misc have to pay social security?

US citizen, over 21, worked in US and received 1099 misc from company she worked for. Does she have to pay social security?

Answer: Yes. If you are self-employed — which you are if your income is reported on Form 1099-MISC — you must file Form 1040 and attach Schedule C or C-EZ to calculate your net self-employment income. If that net income exceeds $400 you must attach Schedule SE to calculate the self-employment tax. When you’re self-employed you pay both halves of the Social Security and Medicare taxes so the effective tax rate is close to 15% instead of the usual 7.65% that employees pay.

COUNCIL APPROVES AUDIT FUNDS

The Pine Bluff City Council voted unanimously and without discussion at its Monday meeting to allocate $87,104 from undesignated funds to cover the back payroll and independent contractor taxes it owes the Internal Revenue Service from 2007 and 2008.

Question: How much tax will I need to pay on 1099 income?

I work as a consultant for a few different companies and will earn $30,000 from that work. I will receive 1099 misc forms from the companies and will owe taxes on that income. Can anyone give me an estimate of how much tax I will owe on that income? I also have a full time job that I pay normal taxes on in which I earn $60,000 per year. I am married with two children under the age of 17.
I live in New York State.
I file jointly with my wife, I don’t make many charitable contributions, I have a mortgage and pay real estate taxes, and I make a $3000 contribution to an IRA.

Answer: Assuming you have no deductions related to that 1099 income, you’ll basically add $30,000 to your income, plus you’ll be in a pretty high tax bracket. You’ll probably be in the 28% federal bracket…don’t know what state you’re in, but you may owe state income tax, too…and you’ll pay about 15.3% in self-employment tax.

You should be making estimated tax payments during the year. Sounds like you’re not doing that.

Haven’t received your W-2, 1099-R or 1099-MISC?

Jan. 31 was the deadline. Here’s what the IRS says you should do.

Mary Kay Consultants: Party Plan Info. Sites For Mary Kay Beauty Consultants

Question: If my employers pays $100/hr, what will be the take home if, a)1099 b)W2.Can I save more w/ s.corp & dividends

With $100/hr from my client company, what is the best way to maximize my take home? and how much would each savings be?

Answer: That makes no sense at all. Please post in a way we can understand, that way you might get more responses