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I'm using TurboTax and need to enter the type of income for Residential construction work. I am paid by transferring money bi-weekly into my personal bank acc from work

 
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2 Replies
pk
Level 15
Level 15

I'm using TurboTax and need to enter the type of income for Residential construction work. I am paid by transferring money bi-weekly into my personal bank acc from work

@wi-sa-hodgson ,   what is important is not how you are  paid ( weekly, bi-weekly, check, direct deposit etc. ) but are you an employee or a contractor ( contractor includes daily labor ).  In case of employee you get a W-2, FICA and taxes are withheld. For a contractor etc. you get a 1099-NEC  ( Non-Employee Compensation), you pay the full FICA  -- called SECA at 15.3% of gross essentially, pay estimated federal and state taxes  quarterly.

Given the above , please tell me  more 

 

I will circle back once I hear from you -- yes ?

I'm using TurboTax and need to enter the type of income for Residential construction work. I am paid by transferring money bi-weekly into my personal bank acc from work

Are you entering self employment contractor  income on Schedule C and need to enter the business code?

 

Schedule C line B Business Code is a 6 digit number for your activity.  Here are the IRS instructions for Schedule C.  Business codes start on page 19.   If you can't find a code that applies, you can enter 999999.

http://www.irs.gov/pub/irs-pdf/i1040sc.pdf

 

See the FAQ on Business Codes,

https://ttlc.intuit.com/community/business/help/what-is-the-business-code-used-for/00/25672

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