How Do I Report Fringe Benefits on a W-2 Form?
Employers must enter the value of certain fringe benefits in Boxes 1, 3, and 5 on W-2 forms. Not all fringe benefits for employees are taxable, but most do require that you report them. Federal income tax, Social Security tax, Medicare tax, and FUTA all affect the value of a fringe benefit. A separate form […]
Are There Any Exceptions or Exemptions to Filing W-2 Forms?
Employers generally must complete, file, and furnish Form W-2 to each of their employees. The information on the form helps to ensure that all employees receive Social Security and Medicare benefits. There are two major exceptions or exemptions for when you file W-2 forms. Do not file a Form W-2 for independent contractors who you […]
Can I File Multiple W-2 Forms Together?
The short answer is yes, but take a moment before you proceed. Reporting income can present intricacies for many employers. Avoid an audit from the Internal Revenue Service and unhappy employees by understanding what your responsibilities are each tax season. Single employers must only submit one W-2 form per employee. The number of roles that […]
What is Semiweekly Schedule Depositor?
Deposit your business’s employment taxes for Wednesday, Thursday, and/or Friday payments by the following Wednesday. A semiweekly schedule depositor must also deposit taxes for the Saturday, Sunday, Monday, and/or Tuesday payments by the following Friday. A semiweekly schedule is one of two options for taxes that you report on Forms 941, 943, 944, and 945. […]
How Do I Report Income from a Lease Agreement on a 1099 Form?
Specific scenarios in the real estate industry and property management dictate which forms you must file and when you need to file them. Landlords and property management companies must fulfill their own unique steps when they report income from a lease agreement on a 1099 form. Landlords – Distribute W-9 forms to your commercial tenants […]
How Do I Report Income from a Copyright on a 1099 Form?
Individuals who earn income from a copyright often report their royalties on a Form 1099-MISC. File the form for each individual that you paid $10 or more in royalties during the tax year. Check first whether you need to report royalty payments as business revenue or instead as investment income. You will probably classify a […]
Can I File a 1099 Form for Payments Made to a Freelance Writer?
Yes, you must report non-employee compensation if you paid a freelance writer $600 or more in a specific tax year. Use Form 1099-NEC to report the payment figure made to a freelance writer. Send copies of the completed form to the Internal Revenue Service and a relevant independent contractor by January 31 of the following […]
Can I File a 1099 Form for Payments Made to a Foreign Person?
The general answer is no, but the question is technically open to more than one interpretation. A foreign independent contractor is not a 1099 worker in most circumstances. These international workers may provide specific talents at a more affordable price than hiring a full-time employee. Keep in mind that “1099” is the Internal Revenue Service’s […]
Can I File a 1099 Form for Payments Made to a Freelancer?
Yes, employers must file a 1099 form in many instances for payments you make to a freelancer. Use Form 1099-NEC when you pay your freelancer $600 or more in a calendar year. Familiarize yourself with all of the other 1099 forms that you may need to file for specific types of freelancer payments. These include: […]
Can I File a 1099 Form for Payments Made to a Nonprofit Organization?
Employers should not file a 1099 form for payments sent to a tax-exempt nonprofit organization. Check to confirm that any business you sent a payment to qualifies under one of the types of exempt organizations. There are situations when you may still need to send out a 1099 form. A nonprofit that does business with […]