Phil wrote,...The payor issues the 1099-MISC. The recipient reports the income and expenses from this endeavor on Schedule C (or C-EZ) of the 1040, whcih feeds Schedule SE, which is where the self-employment tax is computed.I suggest you get a copy of Publication 334. If this is an ongoing business activity, an accountant would also be a useful expense.Phil or anyone who can help,Along the same lines, I received a 1099-MISC from a company I helped out this year for a short time. Total amount of income for my services, reported as nonemplyee compensation, was $200.I looked at my 1040 instructions and it appears you cannot file this income on the line for "other income" and I must use Schedule C. However, Schedule C requires more info on the business that I have handy.Before I track down the additional info I need, is there a lower limit or exempt amount for what must be reported, and if so, does this amount ($200) look like it's within that limit? I didn't see anything in Schedule C that specified a lower limit for reporting.As a side note, when I reviewed the instructions for 1099-MISC, it appeared that the employer did not have to file the 1099-MISC for me due to the amount being less than $600. Is this correct, because if so, it caused a bit of a tax headache for me...Thanks for any help you can provide.-Scott (slaramee)
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