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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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 […]

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Faculty Forum: Brian Eisenhauer on Shrinking Our Environmental Impact

In his roles as professor, scholar, researcher, mentor, and campus leader, Brian Eisenhauer is at the center of Plymouth State’s sustainability and climate neutrality efforts. Under his leadership, Plymouth State has been consistently recognized as a leader in environmental sustainability and is regularly included in The Princeton Review’s Guide to Green Colleges, a compilation of […]

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Faculty Forum: Filiz Otucu on Democracy and the Middle East

Filiz Otucu is a professor of political science and specializes in international relations, Middle Eastern politics, and the United Nations. A native of Turkey, she earned her MA at the University of Central Oklahoma, and her PhD from the University of Kentucky. Otucu teaches courses on politics and conflict in the Middle East, terrorism and […]