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What does nonemployee compensation mean?

Customer Question
what does nonemployee compensation mean?...
what does nonemployee compensation mean?
Submitted: 10 years ago.Category: Tax
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Answered in 34 minutes by:
2/1/2007
Tax Professional: Wayne Brasch, Accountant and Business Consultant replied 10 years ago
Wayne Brasch
Wayne Brasch, Accountant and Business Consultant
Category: Tax
Satisfied Customers: 1,298
Experience: Master of Science in Taxation. Tax experience since 1963.
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Nonemployee compensation appears on a Form 1099MISC. By getting that form from someone means that for Federal tax purposes you are self-employed. A self-employed person reports that income on Schedule C to be included with their individual Federal tax return. On that same form, you would enter any expenses you paid in earing that income such as advertising, supplies, mileage, etc. Also, you would need to get a Schedule SE. This form calculates the self-employment tax on the profit from your business. Both the Federal income tax and the self-employment tax will be shown in the appropriate places on Form 1040.
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Wayne Brasch
Wayne Brasch, Accountant and Business Consultant
Category: Tax
Satisfied Customers: 1,298
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Experience: Master of Science in Taxation. Tax experience since 1963.

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