PDA

View Full Version : For all you Pyrotechnic Technicians, are you on 1099?



xjaayy
04-21-2016, 03:03 PM
If you're on 1099 how exactly does it work if you join a company? Fairly new so what would be tax deductions in this job field?

RalphieJ
04-21-2016, 03:46 PM
If you receive a 1099 instead of a W-2, no deductions will be made. You are required to add 1099 income to your tax return, and, here comes the good part, if you make more than $400 on your 1099-MISC, you will be responsible for 15.3% SE (self-employment tax), which covers what would have been withheld for Social Security from your wages PLUS your employer's share of Social Security. Welcome to the IRS.

chriskrc
04-21-2016, 05:57 PM
With a 1099 you are also able to have right offs such as gas insurance repairs and other expenses as well.

CTPYRO
04-21-2016, 06:21 PM
I'm a 1099 and I write off everything imaginable. Hell... I bought more cobra mods... yep.. write off.

displayfireworks1
04-21-2016, 08:11 PM
If you remember my video called No Permit Fireworks or the guy with the green Dodge Hell Cat. He is a CPA. I was supposed to interview him and talk about these tax issue and how they effect your average pyro-technician but we never got around to it. Unless something changed you have to make at least $600.00 for the company to give you and the IRS a 1099. If you make less than $600.00 you are still required to report it irrespective of not receiving a 1099. No one I know reports it under $600.00. Once you get over $600.00 it opens up many tax advantages and disadvantages depending on your situation. Some fireworks companies will let you add family members into your expense report to stay under the $600.00 threshold. Some shooters will take the hit for their help. They will let the company on paper pay the helpers less and just pay them cash out of their (shooter) taxable part, separate from the expense report.

joewad
04-22-2016, 10:53 PM
I think I'm hearing Rare Earth sing Hey, Big Brother...... Damn, I think I'm dating myself as well, but not literally.