Subcontractor tax question...

[danielhv]

Gf has a small side job that pays her approx $4300 per year. The owner reports the income and we want to be legit here... I wasn't sure if this is taxed the same as primary income or if its different since its just side income.

Anyone know what she should be holding out for taxes?

Thx

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[Roscoe]

Gf has a small side job that pays her approx $4300 per year. The owner reports the income and we want to be legit here... I wasn't sure if this is taxed the same as primary income or if its different since its just side income.

Anyone know what she should be holding out for taxes?

Thx

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All depends on what she will have as W2 and 1099 combined income at the end of the year. It will be taxed as regular wages, so be prepared to pay whatever percentage you'd usually pay, unless that $4300 will bump her to the next bracket.

[Phoenix]

If she gets a 1099 get ready to pay self employment tax on it. Figure about 33-35% of the $4300. On the plus side you can take some deductions if she is keeping receipts of work related expenses.

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['90Vert]

unless your Taxes are very simple (1040 income only, standard deduction, nothing else), the money paid to a good CPA to file is well worth it.

The income will be taxed at your regular rate, but she probably has expenses that can be written off.

I have some self employed income and my CPA writes off expenses that I never would if I used trubotax or etc... And if the IRS comes back to question the write off a good CPA will defend it with you.

[red95gts]

If only we had a CPA around here....