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The Tax Implications of a 1099 Contractor


Some of my clients especially in the health care industry have been asking me , why are they getting 1099s at the end of each year, which result to a tax debt or a very small refund?

The fact is; if you are getting a 1099 it means that you are a contract and not an employee, therefore you receive your paycheck at a gross amount, no Federal , state, unemployment taxes(100%) nor Medicare or social security.


Therefore when you file your taxes you are paying for the following :

1. Federal taxes

2....

Vijimambo

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Habari Zinazoendana

10 years ago

TheCitizen

VAT Act implications to businesses

In one of my previous articles in this column we looked at the meaning of Value Added Tax (VAT), historical development and importance of VAT in Tanzania.

 

9 years ago

AllAfrica.Com

Tanzania: 1099 Elderly People Killed in Three Years


Tanzania: 1099 Elderly People Killed in Three Years
AllAfrica.com
Mwanza — One thousand and ninety nine elderly people were killed in the Lake Zone between 2012 and 2014, making that part of the country the most notorious for the crime driven by superstitious beliefs. This was revealed in Mwanza yesterday by the ...

 

11 years ago

TheCitizen

Govt gives order to bridge contractor

The Kigamboni bridge must be ready by June next year, Works minister John Magufuli ordered.

 

5 years ago

The Citizen Daily

MANAGING TAX RISKS: Impact of virus crisis on tax collections

MANAGING TAX RISKS: Impact of virus crisis on tax collections  The Citizen Daily

 

5 years ago

The Citizen Daily

Tanzania in international tax law : Tax incentives for foreign investment—2

Tanzania in international tax law : Tax incentives for foreign investment—2  The Citizen Daily

 

5 years ago

The Citizen Daily

Tanzania in international tax law : Tax incentives for foreign investment—1

Tanzania in international tax law : Tax incentives for foreign investment—1  The Citizen Daily

 

9 years ago

TheCitizen

MANAGING TAX RISKS : Throwing light on tax planning opportunities for Tanzania firms

In our last article we noted that tax planning is an arrangement of one’s financial affairs in such a way that, without violating in any way the legal provisions, full advantage is taken of all tax exemptions, deductions, concessions, rebates, allowances and other reliefs or benefits permitted under the tax laws so that the burden of taxation on the taxpayer is reduced or minimised.

 

10 years ago

TheCitizen

Tax relief enables beer producers to sell more Sparing drinks of tax rises positive

“You can see how this number is big and bad enough is that these producers are not entitled to pay any tax” Robert Jarrin, Senior Executive, Sabmiller East Africa

 

11 years ago

Zitto Kabwe, MB

Parliamentary Inquiry on the extent of tax evasion/avoidance, use of tax havens and illicit financial transfer

Parliamentary Inquiry on the extent of tax evasion/avoidance, use of tax havens and illicit financial transfer has started

During its 10th annual conference, Southern Africa Development Community organization of Public Accounts Committees a resolution was passed that ” PACs or similar committees should encourage their member states to pass legislation to control the use of tax havens by companies and individuals in order to curb illicit money transfer and tax avoidance/evasion“.

The...

 

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