National Insurance and Tax Service

What is the Difference Between a 1099 Employee and a W2 Employee?

What is the Difference Between a 1099 Employee and a W2 Employee?

  Are you confused about the differences between a 1099 employee and a W2 employee? If so, you’re not alone. Many employers and employees alike are unsure of the key differences between the two types of workers, and don’t understand the implications of these distinctions. In this blog post, we’ll explain the key differences between… Continue reading What is the Difference Between a 1099 Employee and a W2 Employee?

Employment Taxes- What are they?

If you have employees, you are responsible for paying a variety of taxes at the federal, state, and local levels. You must also withhold certain taxes from the paychecks of your employees. So, what are employment taxes? Employment taxes include the following. Federal Income tax withholding Social Security and Medicare taxes Federal unemployment tax (FUTA)… Continue reading Employment Taxes- What are they?

Everything To Know About Form 1099-DIV-Dividends Distribution

Form 1099-DIV-Dividends Distribution If an individual pays dividend, then a form 1099-DIV is processed that refers to an important record of it. It is possible to receive one or more 1099 DIV Forms in February online. The data that the form contains is significant as it plays an important role in your life related to the tax. Financial… Continue reading Everything To Know About Form 1099-DIV-Dividends Distribution

Everything To Know About Self-Employment Taxes

Everything To Know About Self Employment Taxes A person is known as Self-employed if he is in a business or a member of a partnership related to business or trade. The major responsibility of a self-employed person includes paying the estimated tax quarterly and filing an annual return. When we see the term self-employment tax, it only… Continue reading Everything To Know About Self-Employment Taxes

Everything to Know About Interest Income-1099-INT

Interest income-1099-INT is a 1099-INT tax form. It is an official record that a person or a company has paid the interest within the tax year. In most cases, you will receive a form in February. The 1099-INT tax form is received via mail. You should not ignore the form as it will greatly impact your… Continue reading Everything to Know About Interest Income-1099-INT

Everything to know About Form 1099-C Cancellation of Debt

Many people don’t even realize that the 1099-C Cancellation of Debt form exits. So, it can be a surprise to receive one. Let’s discuss briefly at Form 1099-C, what you should do when you acquire a 1099-C and how you can find whether your debt is kept out of debt agreement taxes. What is a 1099-C Form?… Continue reading Everything to know About Form 1099-C Cancellation of Debt

Everything to Know About Form 1099-K

A Form 1099-K is issued for plenty of reasons. For instance, if you sell goods on eBay, you might get a firm 1099-K. The payment settlement entity sends this form in a mail. The major work of the payment settlement entity is to file the form and transfer its copy to you. For this purpose, you must… Continue reading Everything to Know About Form 1099-K

What You Need to Know About Unemployment Form 1099-G

Reporting the unemployment compensation comes under the primarily uses of the 1099-G Form. It also covers reporting the income tax refunds of a specific state. It is compulsory to report the information that the 1099-G Form requires about the tax return on receiving the Form for the current year. for this purpose, you may receive a 1099-G form… Continue reading What You Need to Know About Unemployment Form 1099-G

Form 1099-NEC or 1099-MISC?

If you are a gig worker or running a small business, then you might have been receiving or issuing 1099-MISC till 2019. However, in 2020 you may have received or issued Form 1099-NEC instead of 1099-MISC. You probably wonder why Form 1099-MISC is replaced by Form 1099-NEC. Here is everything essential for you to know about the new… Continue reading Form 1099-NEC or 1099-MISC?