How do i file my taxes?

Question

I am a webcam model. and the company i work for doesn't send out 1099s because they are not a U.S. company. I've been doing this since Sept. 07' i just found out that they do not send any 1099s, so I'm not sure on what I'm supposed to do? Or how much i will owe... or if im really really screwed..... Please someone help :-(

Answer 1

The first question is do they pay you with cash (or "under the table" ) or via check (personal or not). If they pay you cash then you should be keeping a log of some sort, detailing how much you receive and how often or when. If they paid you via check, then they have proof of payment, so you should consider that. The IRS needs to know how much income you made and by what means. Althought the company does not issue 1099's, you should ask them for a receipt of some sort. Remember, if you get caught cheating "Uncle Sam", its off to federal prision you go!

Answer 2

Keep good records of your income and any associated allowable expenses.  Report it on a schedule C or C-EZ, and also fill out a schedule SE to calculate your self-employment tax (social security and medicare).  The numbers from the bottom of the two schedules will transfer to your form 1040.

You'll owe around 14% for self employment tax, for social security and medicare.  Income tax depends on how much your total income is for the year.  Depending on where you live, you'll probably owe state and/or local taxes also.

Answer 3

You need to keep very good records of the income that you do receive and report that on a schedule C.