I received W2 & 1099MISC forms from employer - cash bonus on 1099MISC as non-employee income. Is this right?
I earned around $5600 in my sales job last year (only worked part of the year) which showed on my W2 and taxes, social security was withheld. They also sent me a 1099MISC form which shows $770 in Line 7, Non-Employee Income, which was bonuses that was paid as 'cash spiffs' by my employer for sales performance. I now need to file my taxes as I know I am due a refund on the withheld taxes paid on my W2, however I am not sure if I need to complete any forms or file for the 1099MISC income first? Any help is greatly appreciated.
Asked By: ksamad1 - 2/10/2010
Best Answer - Chosen by Asker
Wrong, wrong, wrong... More
Answered By: the tax lady - 2/11/2010
Additional Answers (1)
You must report 1099-misc as self employed or independent contractor income. 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... More
Answered By: Jss - 2/10/2010
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