Does Hobby assistant require 1099 and employer tax id?

Myesha Zerbe: properly, you do not want a 1099 to document quarterly taxes. What you're able to do is pass to the IRS and your state internet internet site and seem up your tax fee on your earnings. then you certainly will know how lots you ought to pay each quarter. it is your accountability to pay quarterly taxes. Your corporation ought to offer you a 1099 consistent with annum, in many situations due by making use of the tip of February of right here 365 days. be sure you keep your pay stubs, so which you have an precise checklist of your pay. declare that and you would be arranged....Show more

Daren Ventrice: Yes, you need to issue her a 1099. Just because it is hobby income to you doesn't mean she doesn't have to pay tax on that money as self employment income. You would use your SS# on the 1099 as the employer ID and her SS# as the payeeBy the way, hobby income is taxable. you can only deduct hobby expenses (up to the amount of income received) if you itemize.! ...Show more