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What happens if I don't report my 1099 misc
What happens if I do not report my 1099 misc on my taxes?
I got one for babysitting and its on box 7 and it for $4200 and once I enter it in it takes like $500 from my tax return. It just dontnt seem right. Since on my w2 I made over $12,000 and only $300 in federal was withhheld. What am I doing wrong? |
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You MUST report this income. You will also pay 15.3% self employment tax on $4200, which is around $635. No choice. 1099-misc (nonemployee compensation) income: You are self employed or independent contractor. You will report your income and business related expenses on schedule C or C-EZ (Form 1040). Then you put net income (or loss) on line 12 of Form 1040. This income is subject to SE tax at 15.3% (this is shown on line 57 of Form 1040). Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor |
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