Just out of Curiosity......

BetaCowSSP

BetaCowSSP

#cantstopwontstop
This is a hypothetical question, but how do you pay taxes when you become a partner? Do you get a letter or something from the network?
Also, what's the threshold for the revenue? How much can I make before I have to pay taxes?
Thanks! :D
 
This'll entirely depend on your network (I'd examine your contract / contact them). You could get 1099'd if you're operating as a contractor, which means they didn't withhold any taxes, but are reporting what you owe to the IRS. You might get a W2 if you're operating as an employee.

They *might* not report your earnings under those situations if you make less than $600, but it's better to be safe than sorry (Also, they might report revenue to the state if the $ cap differs).

But if they do neither of those, you need to report them as self-employed income (though chances are if you've made <$5000 from ALL sources of income over the whole year, you don't owe anything).
 
APunkGaming said:
You fill out a W9 form, a W2 is for owning a small business
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You do receive a W2 every tax year as an employee (or a 1099 if you're a contractor) that states your earned income and taxes withheld. If I'm remembering correctly, the W9 is what you fill out to declare your withholdings when you're brought on as an employee, so you only see that once.
 
gisikw said:
You do receive a W2 every tax year as an employee (or a 1099 if you're a contractor) that states your earned income and taxes withheld. If I'm remembering correctly, the W9 is what you fill out to declare your withholdings when you're brought on as an employee, so you only see that once.
Click to expand...
Yes, I confused it with another form I've filled out before
 
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