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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Teaming Up for Service

There’s more to PSU’s student-athletes than excellent grades and athletic prowess. There’s a desire to make a difference in the world. Plymouth State men’s hockey coach Craig Russell ’09 encourages his team to serve as often as possible. Through the nonprofit organization Team IMPACT, which pairs children with life-threatening or chronic illness with local college […]

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Ut Prosim: Burton for Certain

Ray Burton ’62 lived all his years in the North Country of New Hampshire. Few elected officials have ever understood the lifestyle and character of their constituents as well as he did or have known so many of them by name. On December 14, 2013, hundreds of Burton’s fellow citizens joined dozens of past and […]

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Remembering Gene Savage ’58

On May 14, 2012, New Hampshire lost a gifted educator, respected leader, and devoted friend. From his earliest days in education as a high school teacher, coach, and director of guidance, through his post as director of admissions at the University of New Hampshire, and later through his various administrative positions within the University System […]