W2 vs. 1099 MISC

What is the difference between 1099s and W2s:

Simply put, 1099s and W2s are two different tax forms for two different types of workers.

If you’re an employee, you receive a W2. As a W2 employee, payroll taxes are automatically deducted from your paycheck and then paid to the government through your employer.

If you’re an independent contractor such as a real estate agent, freelance photographer or a porn star, you get a 1099 form. If you’re a contractor, you are responsible for calculating your own payroll taxes and then submitting the sum to the government on a quarterly basis.

Click here to order a 1099 form. Click here to order a W2 form.

2017-05-11T16:53:56+00:00