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Form 1099-MISC ND: What You Should Know

The 1099-MISC form must be reported on IRS form W-2. In order to report income, Form 1099-MISC must be given to a nonemployee payroll payer in which the payee has no vested right to the amount of the payment. Form 1099-MISC is a reporting form used by employers and certain other payers to report compensation, not subject to withholding, paid to nonemployees who were acting as independent contractors. The information reported through Form 1099-MISC is reported in two separate sections of the form: the miscellaneous section and the compensation section. The miscellaneous section reports payments to individuals who are not business associates such as independent contractors. It also reports payments to business associates only if they were acting in the course of their business. The compensation section reports payments received from companies to individuals in connection with their services as independent contractors. Form 1099-MISC is a report of information for purposes of information reporting requirements. Information includes all compensation (including income and royalties, unless the payment is paid to an estate or if it's from a source deemed unrelated business income) and taxable tips. The IRS uses the 1099-MISC form to report compensation only that the payer can use to pay an employee. As a result, this form is not reportable to the IRS with respect to any income earned by a person. Form 1099-MISC is not reportable to the IRS with respect to wages (other than taxes withheld) and does not include gross income, Social Security and Medicare taxes, and employee taxes. Form 1099-MISC Reportable Payments Subject to Withholding Payments subject to withholding are reported on Form 1099-MISC by employers in connection with compensation payments received by a nonemployee payer, independent contractors or employers, provided such payments are paid in the course of a trade or business. Payments reported on Form 1099-MISC may be subject to excise tax. The following are the types of payment subject to withholding: Payments other than wages and tips Enter an asterisk () in the box that appears for the income reported by the payer on Form W-2. Any tax-exempt compensation (e.g., profit sharing, stock options) Enter an asterisk () in the box that appears for the income reported by the payer on Form W-2.

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