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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Giving Back Is Its Own Reward

Servant Leadership: The Key to Business and Success » By most measures, Colin Graham ’01 is a success. But giving back to his alma mater, including the endowment of a university scholarship, provides an opportunity to display the type of leadership that defines him best. Graham counts success as finding whatever feeds one’s heart and […]

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That She May Serve

Elizabeth Morrissette ’18 selected as New Hampshire’s Miss University 2015 Elizabeth Morrissette ’18 stood on the stage at her first Miss New Hampshire pageant, trying to keep her knees from knocking. “I was definitely nervous—I’d only had a week to prepare and I wasn’t really sure what to expect—but at the same time I felt […]

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A New Day, A New Way of Giving

Thanks to life in the digital age, when information is as close as a swipe and a tap away, old-school philanthropy has been turned on its head. Donors want—and can find—more information about the causes and organizations they support. They want to feel confident that their gift is going to make a difference; and with […]