I'm a minor (16 year old male) and I work part time, and I should expect a 1099 in February of 2011, How much?
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I'm a 16 year old male, I have a passionate devotion for servicing others. I have wanted to become a funeral director since I was 12, because I experienced two losses, one being a cousin in June 2003 and a friend in September 2003. Ever since this has been my calling. Anyways, I now work part time at a funeral home. If your wondering exactly what I do, I mainly stand at the door as a greeter during evening wakes and other services. I rarely answer the telephone but can, I may also help my boss and other funeral directors arrange flowers, pictures and other memorabilia in the chapels and clean / straighten up, re fill candy jars and place pens and calenders and info brochures on tables where they are visible. -- Ya know little stuff. Im at the very bottom of the totompole and when I graduate high school in 2012 I plan to attend a nearby Mortuary Science School and most likely graduate as a Lic. Funeral Director in 2015. Getting to the "big" question finally, I'm going to receive a 1099 for taxes in February of 2011. I don't make alot. I only get paid the same everytime I work a wake, $30.00 on a company check which I deposit into a savings account. Taxes are not deducted from my pay check. How much taxes will I have to pay even though im a minor and work part time? I heard it is minimal because of many things don't apply to me. Some say I may be charged nothing at all. So, what should I expect next Feb?
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Answer:
You are an employee, not an independent contractor. As such you will receive a W-2, not a 1099. Your employer is illegally evading the payment of payroll taxes by not withholding anything from your wages. He's also ripping YOU off by trying to transfer his tax liability to YOU! File a Form SS-8 http://www.irs.gov/pub/irs-pdf/fss8.pdf with the IRS right now to get a formal ruling on your status. If you wait until filing time next year you'll run into extended delays trying to resolve this matter during tax season.
NJF94 at Yahoo! Answers Visit the source
Other answers
Taxes are the same for minors and adults and are the same for part-time and full-time workers. You taxes will be exactly the same, to the penny, as if you were 18 and working full-time, but making the same amount per year. If the total of all your income for the entire year is less than $400, then there is no tax. If the total of your 1099 income for the entire year is at least $400, then the "self-employment tax" is on that income is 15.3%. If the total all your income for the entire year is more than $5700, then there will be "income tax" as well, which will probably be 10-15% of the difference between your income and $5700. Also, you are not allowed to wait until you receive the 1099-MISC form to start sending in tax payments. You must send estimated payments during 2010. The first two payments (which were due in April and June) are already late; the next one is due in September. Use Form 1040-ES to calculate the amount that you should have sent already (and the amount of the remaining payments). Remember to include both the income tax and the self-employment tax.
StephenWeinstein
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