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League City Texas Form W-9 2022: What You Should Know

For example, if you have 1,000 of wages and 100 in interest and other deductions as a “non-exempt business income” on this form, and that total is more than 600, you are considered an employee, and you must pay your share of Social Security and Medicare taxes on this income. If you own a business, and you file as an owner-employee (which may allow you to receive more favorable terms on your insurance coverage) there are special rules for the amount that you may pay yourself. You should contact your state or local tax department for more information. If you are a sole proprietor your business income may include the following: The cost of goods sold. (A non-taxable expense) An amount equal to one-half of your gross receipts. (An earned-income expenditure) You may include part of your self-employment income on your Form 1040. You may include part of your nonbusiness profit earned on your Schedule C or D. If you make an independent contractor or an independent contractor as defined in IRC Section 4980B, and you receive at least 20 percent of your gross receipts from that business, you may be able to exclude your business and self-employment earnings, net of business expenses, from your income on your Form 1040. The deduction for business expenses is limited to 25 percent of net business income. If you file as an individual, and you receive benefits from a program that provides housing, food, or rent and those amounts exceed 25 percent of your adjusted gross income, you may be able to exclude a portion of those benefits from income on Schedule A (Form 1040) or Form 1040A (Form 1040 and return of required schedule), depending on whether you qualify as a bona fide resident for purposes of the U.S. Social Security Act. Additional Information IRS Form 1040-PR, Request for Taxpayer Identification Number — IRS (Rev. July 2018) — W10-PR-A.pdf — You will need to print and fax it to your nearest IRS office. If you live in a foreign country, you must send Form W10-PSA, U.S. Postal Service Return, with a copy to your nearest U.S. Embassy. A completed U.S. passport is required for filing Form W-9 and a Form W-9C, Return to Self-Employed Status of Citizens and Residents Abroad, to adjust your status for tax purposes.

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