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I am a student and was asked to do some tutoring for for some fellow students. The payment will be reported on a 1099-MISC.

I just wanted to verify that these payments basically require me to fill out a Sch C or C-EZ. I guess the entire payments are "profits" since I had no expenses, and I must pay FICA taxes on the entire amount, so I also need to file a Sch SE too, right?

Thanks, FFL
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I am a student and was asked to do some tutoring for for some fellow students. The payment will be reported on a 1099-MISC.

I just wanted to verify that these payments basically require me to fill out a Sch C or C-EZ. I guess the entire payments are "profits" since I had no expenses, and I must pay FICA taxes on the entire amount, so I also need to file a Sch SE too, right?


Yes. If the profits exceed $433, not only will you have to file a Sch. SE, you'll have to pay self-employment tax (unless your wage and salary income from other sources exceeds the maximum for Social Security in 2004).

Ira
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I guess the entire payments are "profits" since I had no expenses

Are you sure you have no expenses? Will you have transportation to the place you will be tutoring? Will you provide any study aids? Will you need to pay for any copying? Do you need to buy any texts to use in the tutoring?
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(unless your wage and salary income from other sources exceeds the maximum for Social Security in 2004).

I wish!! :)
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Are you sure you have no expenses? Will you have transportation to the place you will be tutoring? Will you provide any study aids? Will you need to pay for any copying? Do you need to buy any texts to use in the tutoring?

Thanks for the reminder, but no. I live less than half a mile from where I was doing the tutoring, made no copies, provided no texts...but I did likely use up 30% of the ink in a BIC pen. Let's see, 30% of 8 cents, is...uh, carry the two...slide the decimal point...
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Let me guess.... math tutor, right?

bmkfool
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Let me guess.... math tutor, right?

Ha, no, but good guess! I've done plenty of math tutoring in my time. It took me 3 years of tutoring calculus before I really really understood it well. Every year I learned right along with my students.

But this time it's an advanced graduate level neurobiolgy course "synaptic dynamics", where basically all that's involved is going over research articles to illustrate major concepts in neurobiology.

Turns out a couple of kids were on the verge of failing, and if they fail the course they get kicked out of the phd program, so the program director didn't want to see that happen (too much money already invested in these kids) so recruited a couple of us senior levels students (at very nice rates!) to help out.

Although, the other 3 tutors are in for a rude surprise when they realize they have to pay federal, state and FICA taxes on the money. I've warned them, but they spent the money and will deal with the taxes in the spring. When I started talking about Sch C and SE their eyes glazed over and their brains shut down. Except for the guy that said "no, we don't have to report this...it's just 'on the side'". He'll be surprised when the 1099-MISC comes in the mail (the total amount of payments requires the school to file one)!
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