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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A Winning Team

Zara Jakubas ’16 and her sister Sunny ’18 grew up in Califon, New Jersey, a small Victorian-style town of just over 1,000 residents. It’s here that the two sisters took up tennis…

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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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Student Spotlight: Mae Williams ’14G A Twenty-first-century Preservationist

When Mae Williams ’14G enrolled in the Master of Arts in Historic Preservation program in the fall of 2012, she was drawn to the strength of a program in which, she says, “The professors are not academics locked away amidst a pile of books, but are actually out in the field on a daily basis, […]