Other Taxable Types of Income

All payments for services rendered made to non-corporate entities including rents and royalties must be reported to the IRS (via form 1099 Misc.) if the payment(s) total $600 or more.

  • Royalty Payments: report gross amount (prior to severance and other taxes which may have been withheld or paid).
  • Prizes and Awards: report prizes, awards, or any other fixed and determinable payments that arenot for services rendered.
  • Non-employee Compensation: report non-employee compensation to include fees, commissions, prizes and awards, or other forms of compensation for services rendered for your trade or business by an individual who is not an employee.

With these types of payments, basic W-4 taxation information is required before a check can be issued. Information needed is your name, home address (not work or school), and social security number.

 

In Plymouth Magazine

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Helping to Heal Broken Hearts

PSU researcher hopes to improve cardiovascular patients’ long-term outcomes » A broken heart and a heart attack may not have very much in common, but they’re both painful in their own way, and both can leave scars. Unlike the scars that follow heartbreak, scars following heart attack don’t fade with time, and they often prove […]

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First in the (New) Nation

A Young Man’s Journey from a Nepalese Refugee Camp to the New Hampshire Polls » Southern Bhutan. Early 1990s. Members of an ethnic minority population, the Hindu Lhotshampas, began fleeing rising levels of persecution by the Bhutanese government. Denied their citizenship rights because of religious and cultural differences, the group—more than 100,000 strong—eventually sought protection […]

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Hope for Hypertension

Jennifer DuPont ’08 is investigating what triggers high blood pressure as we age Sixty-seven million Americans have it. Nearly a thousand people die from it each day. And in just one year, it can cost the nation more than $40 million. Hypertension, or high blood pressure, takes a tremendous toll on our country, both in […]