Cha Cha Tax Question

Question

So I got hired by Cha Cha to answer questions for them. I'm hired as an individual contractor though so I have to file my own taxes and fill out a special form at the end of the year. My mom keeps trying to talk me out of it saying it isn't worth it ($.20/answered question). How much would taking this form to an accountant cost at the end of the year? Or at least a ballpark figure. I believe it's a 1099. I believe you pay accountants based on how many/type of forms they filled out, not how much many you made? I don't plan on working a ton.

I think I remember reading that if you made under $600 they don't even send you a 1099. What would I get sent instead? Basically what I'm asking is, is it worth making a small amount of money while I'm in college?

Answer 1

You are going to spend a great deal of time for very little money.  The tax on that amount will not justify an accountant.  It is true that they are not required to send a 1099 for anything under $600 but that does not negate your reporting that income. If you make over $400 you will be subject to Social Security and Medicare tax in addition to any income tax that may be due.