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Finance: What is a 1099? 0 Views

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Description:

What is a 1099? A 1099 is a tax form that comes from an employer. It states how much income an employee has made and the employee is able to use the information on it to file their taxes accurately.

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Transcript

00:00
Finance, a la shmoop. What is a 1099? Well it's a tax form for the rest of us the
00:09
non fully employed, the non recipients of crappy health care and benefit plans, the [Man looks shocked at his medical bill]
00:16
non recipients of fancy corporate business cards those of us who choose to [Business card for Brett Corporate]
00:21
go it on our own as consultants, contractors, day laborers and
00:25
independents who self employ under the yoke of many masters trying to make our [A contractors diary]

00:31
own little way in the world, yeah. Corporations who hire contractors in
00:35
whatever form, must deliver to those contractors a form 1099 which outlines [Corporation giving out 1099s to contractors]
00:41
and stipulates the details of the job performed for the contractee. That 1099
00:47
is a direct conduit to the IRS holding out their arm to shake your hand and [The form 1099s are sent to the IRS]
00:53
then turning it 90 degrees to the right. [IRS's hand out expecting something]
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