Yes, employers who withhold payroll taxes issue Form W-2 to employees. Now, the IRS has introduced the Form 1099-NEC just for reporting independent contractor income (officially known as “non-employee compensation”). So if you work with contractors and your business paid those contractors more than $600 each in a tax year, you’re required to file Form 1099-NEC.
Frequently Asked Questions - Business Taxes
Are Employers Required To Report The Information That Employees Claim On Their Form W-4 To The Irs?
As An Employer, Do I Have Any Liability for Social Security and Medicare Taxes If My Employees Receive Tips But Don’t Report Them to Me?
Do I Have to File Taxes If My Business Made No Money?
Does A Small Company That Operates As A Sole Proprietorship Need An Employer Identification Number (Ein)?
For Business Travel, Are There Limits On The Amounts Deductible For Meals?
How Do Taxes Work When You Have Your Own Business as Self Employed?
