Many affiliate program requires to submit a W-9 and/or 1099 form. For example, Incentaclick requires to send a 1099 form. I am under 17 years old living in the United States. I have my own incentive site, which i pays members for signing up for services. Can you guys tell me what will happen if i send a W-9 form, (i heard it doesn't affect me, it just a form to prove the company's earning) How about 1099 form?(i heard that it affect me, i will have to file my taxes) As i stated, i am under 17 years old. My family is receiving health benefits from the government. I don't want to affect my family benefit. I think that the W-9 form doesnt affect me or my family, and the 1099 form does. Can anyone tell me some affilate program for me incentive site that dont require me to file a form, or only require me to file a W-9 and not 1099.. Thank You.Please help me
You did not state your legal status so my advice may not apply to you. You also did not state whether you are a full time student or not. Residents are required to report all income to the IRS on a tax return. They report gross income (the amount received and listed on a 1099) and from that they subtract their business expenses. Taxes arepaid on the net income (gross-expense= net). Social security taxes are paid on all net income in excess of $400. As a single filer your net income would need to exceed about $8000 before you owed any Federal income tax. State and local laws vary to much to even try to discuss them here. Non-resident legal aliens do not pay social security. I do think they are required to pay taxes at the same rate and under the same rules as the rest of us. You will not receive a 1099 unless your gross income exceeds $599. All businesses in the US are required to send you one when your earnings exceed that amount. The bad news is that any household income may affect your family's egibility for any form of medical help. Again the laws and amounts vary so much from state to state that no one can answer that question except the office where you qualify for benifits. People have been kicked off the medicaid system for getting as little as a $10 a month raise in their income. I strongly suggest you investigate this very carefully before you proceed. It would be a real shame to trade your family health care for a few hundred in your pocket. edit: I don't do any irc but you can ask follup questions in this thread if you like.
So as I understand it, if Net income exceeds $400, there is an additional SS tax...how much (%) is that of the income? You also stated the medicaid problems....how do I report the change in income for my family to not be at risk of medicaid termination?
15.3% of net income gets paid to fica (social security) and most likely you will never get a dime back. Once again I want to stress that the only person who can answer the question about an income increase and its affect on the medicaid is the case worker assigned to your case. You, your mom or dad need to ask this person if my son earns X $ what affect would this have on our benifits. Do keep in mind that we are talking net income. Legitimate expenses would be the domain name, hosting fees and a few other minor expenses. Your income may not affect things as much as if they (your mom or dad) earned the money, but total househokd income is a factor. Please also keep in mind that if you fail to report this income the state would have a legitimate case of fraud aganist you. With all the budget cutbacks, this is not something you want to risk.
Hey flyffmoney Hmm... Well it sounds like it may be a good idea to speak with an accountant/tax advisor. They may be able to help you as far as what you can do. Good luck flyffmoney frenzy25