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Understanding Your Tax Requirements. As a first-time small business owner, you're responsible for paying federal income taxes according to the rules set by the IRS. ... at a traditional W-2 job ...
Businesses are required to provide more resources to W-2 employees than 1099 independent contractors, including tools, training, and onboarding. They must also cover business expenses on behalf of ...
Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. [1] Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship.
State requirements vary. All persons withholding taxes must file annual Federal and state reports of the tax withheld and the amount subject to withholding. A copy must be provided to the employee or other payee. The relevant forms are as follows: Form W-2 series for
In 2011 the requirement was extended by the Small Business Jobs Act of 2010 to payments made by persons who receive income from rental property. Form 1099 is also used to report interest (1099-INT), dividends (1099-DIV), sales proceeds (1099-B) and some kinds of miscellaneous income (1099-MISC).
For anyone running a business, this used to be the most common 1099 form you would receive or file. However, the 1099-MISC has been replaced with the 1099-NEC for independent contractors.
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