What is the 1099 tax? 10pts?

Question

What is the 1099 tax? I think i'd get it in January.

Answer 1

There are many different 1099 forms.

1099-INT

1099-DIV

1099-B

1099-C

1099-S

1099-A

etc.

Which one do you think you are missing?  The IRS has most of the ones on file now for 2007, so you can call and ask what is on file for you.

Answer 2

If you are talking about working as a contractor (non-employee) for somebody and they will "pay you on a 1099" instead of "on a w-2", then the answer is nothing.  Taxes are not typically withheld for contractors paid on a 1099-Misc.  But the income is still taxable so you will owe tax on it when you file your return at the end of the year.  If it were more money, you would be well advised to make quarterly estimated payments, but for $600, I wouldn't worry about.