Price : $20,740.00 Oklahoma manoj kumar
01-07-20 0 Hits

IRS Form 1099-MISC Box-7 (Non-Employee Compensation – NEC) filing is generally performed by an organization for any payments made to the self-employed professionals and independent contractors who earn their income outside the usual employer-employee association. Some of the NEC related payments are as follows:
 • Fees & compensation for services performed as a non-employee for a business by an individual; 
• For prizes and winners of contest awarded by the business since the winners have to pay taxes on prizes; • For any legal services provided directly to a payer, the service fees to an attorney;
 • For fish purchases for cash;
 • For compensation to vendors for services, including payments to corporations provided by Federal executive agencies. Filers do not withhold taxes from the payment made to an independent contractor because they are not on the company’s payroll and so the employer contribution of the Federal Insurance Contributions Act (FICA) tax (made up of two separate taxes, Social Security and Medicare) is not paid and the independent contractor pays the self-employment tax. 

For More info: 

 Address: 9658 Baltimore Av, Suit e 300 College Park, MD 20740 
 SALES INQUIRIES # - 240-780-6153

9658 Baltimore Av, Suite 300 College Park, MD 20740

Phone: 2407806153

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