6 Important Things You Need To Know About Your Paycheck

Paycheck

This blog is a part of our educational campaign on the occasion of National Payroll Week. In this blog, we will try to help you understand the basics of paycheck i.e. benefits, deductions, check, and direct deposit.

Overview

  1. What is a Paycheck?
  2. Difference between Gross Pay and Net Pay
  3. Deductions and Benefits
  4. Paycheck
  5. Direct Deposit
  6. Check

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How to File 1099 MISC for Independent Contractor

how to file 1099 misc

Wondering how to file 1099 MISC? Filing 1099s is pretty straightforward if you know how to do it correctly i.e. according to the guidelines prescribed by the IRS. However, for your convenience, we have created this resourceful guide, which will show you exactly how to file 1099 MISC for independent contractors.

Table of Contents

What is Form 1099 MISC?
What are the Different 1099 Tax Forms?
Who is an Independent Contractor?
Do You Really Need to File 1099 MISC This Year?
Parts of 1099 MISC Forms
How to Fill Out 1099 Form?
Sample 1099 MISC Form
1099 MISC Form Filing Deadlines
Penalties for Late Filing
How to Save Time & Money Filing 1099 MISC?
What Not to Report on Form 1099 MISC?
1099 Tax Tips for Employers

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1099 Deadlines, Penalties & State Filing Requirements for 2017

1099 Deadlines

As the end of January approaches, it is important for all the employers to prepare and issue 1099s to the recipients, and file them to IRS responsibly without any delay.

1099 tax form, referred to as “Information Returns,” should be send by the company to the independent contractors if it paid more than $600 to them in 2016. Since there are many types of 1099 forms, the common forms are 1099-MISC, 1099-INT, 1099-S, 1099-C, 1099 B, 1099-R and 1099-DIV.

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Form W2: Everything You Ever Wanted To Know

form w2

Image Credit: Flickr

Form W2 is a multi-part standard tax form that an employer must send to the employees as well as Internal Revenue Service (IRS) at year end. The form contains employee’s annual wages, Social Security earnings, Medicare earnings, and federal and state taxes withheld from the employee’s paycheck.

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When to Switch Your Payroll Service Provider?

payroll service provider

At which point you would need a switch over to new payroll service provider?

More often companies reach crisis point before making a decision to change. This puts people, systems and relationships under pressure, which shadows the business growth and at times most valuable employees may under perform and this may result in business losses.

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Small Business 1099-MISC Guidelines and Requirement

Small Business Tax Filing

Form 1099-MISC primarily gives information about independent contractors to the IRS.

As per the guidelines from the IRS businesses are required to submit information returns. Form 1099 is used to report remuneration earned by an independent contractor. There are 17 types of 1099 forms, and IRS defines small businesses as the ones having gross revenues of $5 million or less. Form 1099-MISC is used by these small businesses.

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New Deadlines for Forms W-2 and 1099-MISC – Earlier Filing in 2017

2017 Deadlines

Tax filing dates for 2016 Forms W-2 and 1099 has changed. The latest notification from IRS states that the filing deadline for 2016 W-2 and 1099 forms (incl. Form 1099-MISC) is January 31st, 2017. Evidently, this is a month earlier than the filing date of last year.  But, this doesn’t change the deadline for furnishing W-2 forms to employees and 1099-MISC to other workers for 2016. Also, the dates for E-Filing and paper filing remain the same.

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Celebrate Colorado Day with CheckMark, Inc.

Colorado Day

On August 1, 1876, President Ulysses S. Grant signed a proclamation admitting Colorado as a state. Colorado Day was celebrated as a state holiday on August 1 for many years, and then was moved to the first Monday in August, most likely after the time the U.S. Congress passed the Uniform Holidays Bill in 1968. The day no longer became a public holiday, but rather an observance, when the state started observing Martin Luther King Jr. Day as a public holiday in 1985.

CheckMark is proud to celebrate Colorado Day, the commemoration of Colorado’s acceptance into statehood.

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