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posted Jun 4, 2019 5:04:27 PM

Do I need to report income for my Thirty-One business if I made $1,025? Box 4 on my 1099 form says $0.00. Thanks!

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Level 3
Jun 4, 2019 5:04:29 PM

Yes, if you made $1,025 you will need to report the income from your Thirty-One Business. Thirty-One is self-employment income so they generally would not withhold any taxes.  You are responsible for both the employer and employee portion of FICA taxes and also paying the income tax on income as an Independent Contractor/Self-Employed Individual. 

https://www.irs.gov/faqs/interest-dividends-other-types-of-income/1099-misc-independent-contractors-...

1 Replies
Level 3
Jun 4, 2019 5:04:29 PM

Yes, if you made $1,025 you will need to report the income from your Thirty-One Business. Thirty-One is self-employment income so they generally would not withhold any taxes.  You are responsible for both the employer and employee portion of FICA taxes and also paying the income tax on income as an Independent Contractor/Self-Employed Individual. 

https://www.irs.gov/faqs/interest-dividends-other-types-of-income/1099-misc-independent-contractors-...