I worked for MFC last year and definitely made enough to get a 1099, but haven't received anything.
By law, it's supposed to be mailed by 1/31. Has anyone received there's?
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I worked for MFC last year and definitely made enough to get a 1099, but haven't received anything.
By law, it's supposed to be mailed by 1/31. Has anyone received there's?
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I think last year I got it by 15th feb
The January 31st mailing deadline is only for 'employers' issuing W2 forms to 'employees'.Quote:
By law, it's supposed to be mailed by 1/31.
Businesses issuing 1099 forms to other businesses have a March 1st deadline not January 31st. Thus webcam host 1099's may not actually show up in mailboxes until the middle of March.
I just got mine today. It's sent out from Illinois, and I'm not too far from there, so as long as you're in the continental US you should be getting it in the next week or so
got mine today too/.. not happy about paying the taxes... bleah!
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Actually that is for individuals who are considered an employee. We are considered self employed so anything over $400 a year earned has to be claimed. The reason it says keep for your records is because you don't have to send in a 1099 like you would a w2. Here's more info on it: http://www.irs.gov/businesses/small/...ml#obligations
Only true for 'employees' whose employers have been withholding Social Security, medicare, and estimated income taxes from every paycheck.Quote:
I just figured something out. I don't have to pay... I just have to report it to the IRS. It said right on the letter that I just have to keep it as a copy. As I searched around for some answers, it seems like you don't have to pay taxes unless you make 9,000 something a year.
Definitely NOT true for 'sole proprietor' self-employed business persons i.e. camgirls. They need to file tax returns with Schedule C for annual earnings as low as $400. While it's possible that low earning camgirls may not have to pay INCOME tax, they will definitely be required to pay the 15% Social Security and Medicare tax due on every dollar of their income.
I got mine the other day from (who I am not with anymore).
Received mine from MFC today...
Hate to burst your bubble, but, if you have not been working a normal 9 to 5 job that withholds taxes all year long for you, you are definitely going to owe tax on that 9k you made on MFC. Figure 15.3% off the top of that 9k for social security tax since, as a contractor you have to pay 100% of it. Then, after your business expenses, you will have what is called your AGI (adjusted gross income) and figure even if that is 5k, you will owe about 5 to 10% on that! LOL So, unless you have a normal job and that withholding covered whatever tax you may have to pay on your MFC money, or you don't have enough deductions (kids etc) you may be needing to write a check for close to 2k for that 9k you made.
Don't ignore it either and think you don't have to claim or file for that 1099. If you do not claim or file taxes and someone issued a 1099, the IRS will file a tax return for you! (how nice of them! LOL) That tax return will NOT have any deductions or take into account your filing status, so you will be taxed to the hilt! Then, they will let it sit for a few years before they send the IRS agent to your home to *visit* with you and talk about your unpaid taxes.. well, that is, if they don't send the threatening letters first, and then take 100% of your income you make from ANY 1099 contracting job you have on the net! And, yes, they have every right to take 100% of what you earn.. all they have to do by law is inform you at your last known address that they are going to be placing a garnishment, lien or whatever on your earnings, bank account or property. Then, the fun begins.
You will owe on that 9k. Believe me.
I got mine today for MFC :)
I don't understand how this works in Canada.
http://www.calcxml.com/do/inc05
I found something cool. This might help some of you out there. It shows how much you're going to have to pay in taxes. It shows your total earnings, and the amount you have to save for/pay in taxes.
^^^ unfortunately, that online calculator only considers the Social Security / Medicare portion of the tax, not the US federal income tax that may also be due. And of course if you live in a state that levees its own state income tax they want their 'cut' as well.
there are lots of threads in the Dollar Den about this ... starting with the first 'sticky' thread at the top.Quote:
Where do I go to pay the tax? I have no idea how to do any of this. I've never done this before...
In a nutshell, at a minimum, US self-employed business person dancers and camgirls have to fill out and file ...
IRS form 1040 long form 2011 resident tax return
Schedule C 'profit or loss from a business' - where the 2011 income reported on your 1099 is entered
Schedule SE 'calculation of self-employment tax'
IRS form 1040-ES 'estimated tax' payment calculator for 2012
If you are reasonably confident that you can answer questions correctly, tax prep programs like TurboTax for Home and Business, H&R Block At Home Premium, etc., will 'walk you through' everything and automatically generate all of the necessary info for e-filing your tax return.
However, you'll still have to write the check yourself for the taxes due on your 2011 income ... PLUS the check due for 'estimated taxes' on income you are earning in Jan / Feb / Mar of 2012 ... both of which are due by April 17th !
The IRS website lists some on-line tax prep companies you can use (http://www.irs.gov/efile/article/0,,...ml?portlet=104) depending on your income, state, etc.
I highly recommend turbo tax personal + business editions, very simple to use and cheaper than hiring someone to do your taxes for you.
It'd be nice if the mail from didn't say 'V Entertainment' on the front of the envelope. But it's not a huge deal. At least it doesn't say 'Wet Pussy Girls' or something...lmao.
^^^ what will matter in the future is the 'official name' that the webcam host company has entered on your 1099 form ... because that 'official name' will become part of your permanent IRS records.
Oh, I'm not worried about all that, and don't plan on returning to the regular 9 - 5 job world anyway.
I'm just saying that if other sites have enough sense to be discreet with what's shown on the envelope (like Amazon is when they ship toys, like ImLive is when they send paychecks, etc.), could've picked something clever too.
Melonie! I've looked and looked online and cannot find an answer to this question anywhere! (you came to mind as someone that would for sure know the answer) Anyway, I'm living in the united states but my citizenship is from another Country. I plan on leaving the US in the summer and spend some time in my home country. That being said, I'm trying to sign up to MFC but don't know whether to do so with my documentation from my citizenship country, or country of residency (the US). In either case, how would I distribute the tax situation when the fiscal year is over. Do I pay only for the months I worked in the US? Do I pay taxes for all my earnings to the US? Or can I just disregard it all together?
Didn't want to start a new threat but I'm not sure this goes here either...
Thank you so much in advance for anyone that could shed some light on this
depends if you have dual citizenship, legal US residency, or a US work visa or not. If you're not legally allowed to work in the USA, then a 1099 from a US based company ( MFC ) sent to camgirl with a US address, for money 'illegally' earned, could raise some 'difficult' questions !!!