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You will enter your W-2 -- with or without tax withheld -- on your 2020 tax return. Employers have until February 1 to issue W-2's. Or will you receive a 1099NEC? Were you an employee or an independent contractor?
No my employers is not an independantcontractor.. should I call them to ask for 1099 NEC?
should I pay taxes to irs before the end of year.
I asked if YOU were an independent contractor. Or did you make such a small amount from that employer that they just did not withhold any tax?
https://ttlc.intuit.com/questions/2584365-am-i-an-employee-or-an-independent-contractor
If you were an independent contractor you were self-employed. If you earned at least $600 then they are supposed to issue a 1099NEC to you in January. Check to see if they intend to do that.
If you have self-employment income you have to pay self-employment tax for Social Security and Medicare, as well as possible ordinary income tax. You have not mentioned how much you were paid so we do not know if is a small or large amount.
that's helpful.. no I am not an independent contractor.. my last company gave me this check for unpaid wages and told me it 's my responsibility to pay taxes on it.
the amount is about 50,000$ ,,
Yikes---yes you need to pay tax. I believe Champ DJS already gave you some information in one of your other threads about how to do that.
You are going to need to use either any version of desktop software or online Self-Employed to prepare your tsx return. And the person/business who paid you should be issuing a 1099NEC to you.
https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment
https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs
https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922
https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax
https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct
https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c
@Critter @VolvoGirl Could you help out this user with some of your excellent self-employment information?
I would ask them if they are going to give you a W2 or 1099NEC for it. Did you have other paid wages from them that you will get a W2 for?
We can tell you later how to report it but you better send in an Estimated payment right away. Like maybe 20% or more. And some to your state.
Here are the blank Estimates and instructions…..
http://www.irs.gov/pub/irs-pdf/f1040es.pdf
Or you can pay directly on the IRS website https://www.irs.gov/payments
Be sure to pick the right kind of payment and year.....2020 Estimate
On re-reading your questions--I am worried about this line:
..." my last company gave me this check for unpaid wages ..."
What exactly does that mean? Were you working for them as a W-2 employee? Did something happen? Why would they give you that big check and say the taxes on it are up to you? Better find out if they will be sending a W-2 for all of it or maybe a W-2 and 1099NEC.
Just a feeling but something else that makes me wonder.....are you a US citizen or working on a Visa?
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