legal  taxes


Question by  Tsewang (16)

What is the difference between a 1099 and a W2 form?

I was told that I would need to complete both a 1099 and W2 form for my new job and do not understand why I need both.


Answer by  Chaneygirl (1755)

A 1099 form is for doing self employment work, no taxes are withheld. A W-2 is for an employee, taxes are withheld. Your employer should complete, not you.


Answer by  MarkWatrous (729)

A W-2 reports income that you earned. A 1099-MISC reports income that is paid to an independent contractor, not an employee. Ask your HR department, not your manager.


Answer by  cgroverla (516)

Employees receive a W-2 from their employer, while independent contractors receive a 1099MISC. As an employee, you fill out Form I-9 and Form W-4. Form I-9 documents your eligibility to work in the US, and Form W-4 determines how much federal tax is withheld from your wages.

You have 50 words left!