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Ugh, TAXES

I just filled out my W9. Does anyone know at what % this will be taxed? I'm trying to determine how screwed I'm going to be come tax time.

Thanks.

Answers

  • UkiwiSUkiwiS San DiegoPosts: 1,533Member, Moderator
    > @killgrrl said:
    > I just filled out my W9. Does anyone know at what % this will be taxed? I'm trying to determine how screwed I'm going to be come tax time.
    >
    > Thanks.

    OhmConnect deduct nothing and it depends entirely on your other earnings, deductions etc etc. I'm guessing you wouldn't care to share that info!
  • dthatcher7dthatcher7 Posts: 25Member

    On a 1099-MISC you'll have to pay self-employment taxes which are 15.3% of the total 1099-MISC amount on top of the increased overall taxable amount you are paying anyway.

  • cwiedcwied San MateoPosts: 121Member

    I'm not sure that participating in OhmConnect necessarily qualifies as a "trade or business." As such, it might be possible to just treat it as "other income," in which case there would be no self-employment tax on it. If you do pay self-employment tax, you would be entitled to deduct any expenses related to the business. That might allow you to offset some of the exta taxes.

  • dthatcher7dthatcher7 Posts: 25Member

    Yeah I think you are right. OhmConnect could change their rewards program at any time. I have no legal right to receive cash for my participation.

  • kriste11kriste11 Posts: 2Member
    The taxes I have to pay on this just basically wiped out my earnings. Feels like a complete waste now.
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