You can pay yourself as a subcontractor and file the 1099-NEC form reporting that income. Another option is to not treat the additional compensation as wages or self-employment income, which may reduce your tax but open you up to possible penalties down the road. You could also amend your W-2 and payroll tax returns to add the additional wages.
You should run some numbers up choosing different courses of action so you can base your decision on the amount of taxes and potential penalties associated with non-compliance versus compliance with the tax laws.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
