So I need some help here. Many of you know that I just started a new job last month. I was told on Thursday that my hours would be cut back to 24 a week. Thats all fine and dandy, but the hours I am getting are in the middle of the day, with no opportunity to get a second job to fill the gap.
I have been talking to someone that is looking for help, and this is where I need your help.....this particular job pays a straight amount everyweek. No taxes taken out and I would have to file a 1099 when it is tax time.
So my question is this: What would any of you do in this situation? And has anyone ever had to deal with filing a 1099?
Thanks for your help!
♥ Listen, touch, and look around in the air and on the ground. If you watch all nature's things, you might just see a fairy's wings. ♥
Pixie ...
Are you able to NOT spend all your money you receive in your pay cheque - being able to put money aside to pay your taxes at year end?
In some places, depending on location and type of work, you may be required to submit taxes as the year progresses - so you must save what you need to submit and be on time, otherwise there are penalties assessed.
I would have a chat with a CPA/CGA/CA or whatever type of accountant that is in your part of the world. Often, to ask for advice in this type of capacity is free of charge.
Hope this helps ....
Van
Hey Pixie I used to be a accountant and worked for a CPA during tax season you do not file a 1099 you receive a 1099 instead of a W2 because you are being paid as a subcontractor and companies do that to get out of paying the matching portion of your social security and medicare taxes which you are now liable for paying self employment tax which is that matching portion your employer would be paying normally if you were receiving a W2. For your situation honestly if your employer can not adjust your hours so you may work a second part time job it's time to look for a new job. Depending on your tax bracket you should be putting at least 15% of your wages aside for taxes. Also note that when being paid as a sub contractor and receiving a 1099 entitles you to deduct business expenses so save all receipts for anything job related such as uniform costs, tools, trade literature, travel expenses etc. Feel free to pm me with any questions.
Bunny12
Bunny Rabbits cute and fuzzy they want to love you but they have razor sharp teeth - don't piss them off! That's some good advice Bunny12.
I filed a 1099 for 2009 due to the fact that I rolled over my retirement funds from an IRA to my bank account. Fortunately due to indicating that they should withhold taxes before transfering the money onto my account the taxable amount for my tax return forms was $0.
So I'm hoping I filled in my city/state/federal tax forms correctly lol. Always a challenge to do tax returns after having left the country you worked at during the previous tax year.
Anyway, not much help for Pixie but just wanted to share and wish you good luck!
Insert typical super smart ass comment courtesy of thepainter here.
Thanks for the replies guys! I am still deciding what I want to do.
♥ Listen, touch, and look around in the air and on the ground. If you watch all nature's things, you might just see a fairy's wings. ♥
