What forms do I have to fill out for taxes if I make over $600 doing surveys for 1 company?

Wonderer Mario Fan: What forms do I have to fill out for taxes if I make over 0 doing surveys for 1 company?
Hello there,

This is the first I have ever really had to think about taxes and never exactly expected to make over $ 600 with one company doing surveys online. I am within $ 140 of breaking over the tax limit and I believe I will get a 1099 form if/when I do.

I will probably just stop doing the surveys so I dont have to pay out taxes and such, but I might as well ask because it will happen eventually.

I googled around and ended up getting more confused than when I started. I seen we would be considered self employed and have to pay 15%. That is understandable, but than seen would have to file federal income tax, possibly state income tax, and pay into ssi and medicaid if make over $ 400 combined regardless?

What on earth? I am in NJ and would appreciate any information you can give on this situation. I don’t want to get thrown in federal prison for tax evasion down the line because I was unaware.

Thanks for any useful information you can give.
1099C I am aware of but what about federal and state income tax and paying into ssi that I seen?
I see you expanded what you said orginally about me being able to write it off. I do not have another job at this time. I in fact have yet to have a job in my life which is why I have these questions.

I guess I should really get in touch with H&R block about this. If I get sent the 1099 form do I just hold onto it until I have to file with the IRS? And again what of paying into SSI if you make over $ 400 period?

Thanks for the reply and any more info

Answers and Views:

Answer by sortaclarksville
Schedule C on your federal. Simple, easy form. Just keep up with your “expense” to use as deductions to get it back under $ 600 and you will not owe anything. Internet service can partly be written off since that is required for you to do the surveys. You can’t write off 100% of it because I’m sure that’s not the only time you use it, but…

Answer by Zac
if you earn over $ 600 with a company – they will send you a 1099 at the end of the year and you will add the amount to your gross income. What ever tax bracket you are in is the percentage you would pay.

Answer by Judy
Tax liability starts at $ 400, not at $ 600, and that’s your total for the year from anyplace you worked as self-employed, not just one company. $ 600 is the limit where the company will send you a 1099-MISC so you’ll have paperwork from them, but if you make a total of $ 400 for the year self-employed, you have to file a return. And if you have other income, or are married filing a joint return with a spouse who has income, or file a return for any reason, you would be required to report your self-employment income from the first dollar.

Keep good records of your income, and any associated expenses – you’ll show those on a schedule C. Then if your net income is over $ 400, you’ll also fill out a schedule SE to calculate your self-employment tax, approximately 15% – that’s for social security and medicare. The numbers from the bottom of the schedules will transfer to a form 1040 where you’ll calculate the income tax you owe, if any. You probably won’t owe income tax, just the self-employment tax for social security and medicare.

You’ll probably also have to file a NJ return, but probably won’t owe anything depending on how much total income you have for the year.

Answer by Julie W
Sounds like u got some really good answers. But if that is your only job and you know that you will receive a 1099 form you may not have a great deal to worry about. All things are considered.You age the amount that you end up actually earning. There is also help available to help you through the year that you making a good decision about whether to continue doing what you are doing. Also remember if you are self employed and having to use your home, phone and or car it sounds like you might have a few things to use as write off in you taxes. Make sure that you get good advice. I have a question because I am looking for something like that to do. Can you tell me where you found the site or job? [email protected] Thanks

Answer by [email protected]
First off the forms you may fill out will depend on the type of entity that you have filed if any. S Corp, Sole Proprietorship, Single Member LLC, Corp, etc.

Self Employment Earnings are as such. Net Profit x 92.35% and then times that amount by 15.3% is it 400 and more if so you are subject to SE Tax. Now if you were an S Corp it would not be so, if you were a partnership it would be so if you were a single member LLC it would be so, but again it may not be so if for example spouse can offset the SE and otherwise.

The question is too vague overall and we are accountants. Sorry cannot be of more assistance. There are many scenarios to everything and each different and based on many factors to answer responsibly and otherwise.

May wish to look at the IRS Site, https://www.irs.gov or you state tax sites or our sites or call up accountant and find out based on your own situation what is best. You may have SE earnings, you may not be subject to those earnings you may have write offs, you may be subject and then not subject. As I said it depends on too many factors to answer this question responsibly at all. and I wish I could do so. Each entity is different each tax situation is different.

I can save you money without having seen your taxes without knowing anything about you. Now would you believe that. You dont’ have to fill this out because it does not apply well why not, cause maybe at times it may apply. You get the idea I have a bridge for sale in the sahara that crosses the atlantic? Wish to buy? Taking bids now on ebay.

Wayne Barney
President / Accountant
BC Business Services, Inc.

Answer by rumnroot
Wait until the end of the year to see what you earn for the total year and then file before April 15th next year.
Hope this helped.