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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PSU Collaboration Leads to Emmy

When Trish Lindberg was a 17-year-old musician, artist, and actor, her mother—a teacher herself—told her she would make a great teacher. Lindberg looked her mother right in the eye and said, “I will never be a teacher!” Mother Knows Best Decades later, Lindberg, now a Carnegie Foundation NH Professor of the Year, a recipient of [...]

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Another Way to Serve

“It was like moving to a foreign country with a completely different culture,” says PSU student Patrick O’Sullivan. The 26-year-old veteran isn’t referring to his time in Iraq as a motor transport operator in the Army Reserve. He’s talking about coming home. O’Sullivan joined the Army Reserve right out of high school, at an age [...]