Popular Articles
- LLC vs. S-Corp vs. C-Corp (The 3-Minute Version)
- Business Retirement Plans: SEP vs. SIMPLE vs. Keogh
- How to Fill Out a Schedule C
- What is Self-Employment Tax and How Do I Calculate it?
- How to Fill Out Form 8829 (Claiming the Home Office Deduction)
- Estimated Taxes: What They Are & How to Calculate Them
- Why Forming an LLC Is Quite Possibly a Waste of Time and Money
Blog Topics
My Other Sites
| Paying Subcontractors: Withhold for Tax? |
Bill R (self-employed contractor) asks:If I pay an independent contractor $10,000 over the course of a year, will I have to withhold money for taxes? Or do I pay her the entire $10k?
Answer:Hi Bill. You do not have to withhold for taxes when you pay independent contractors. Since you paid her over $600 for the year though, be sure to file a 1099 for her.
For More Information, Take a Look at My Related Book.
A testimonial from a reader on Amazon:"Quick and easy read. No fluff, just straight to the point and gives you more helpful information that you might imagine. If you are looking to get the bottom line information you need to start your business right then this book is a must have." R.L. Muhammad |
My Latest Book
| Taxes Made Simple: Income Taxes Explained in 100 Pages or Less
|
