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lizjp
February 3, 2024
Question

1099 Employer benefits

  • February 3, 2024
  • 1 reply
  • 0 views

I was listed as a1099 "subcontractor" for a small company from January - Oct 2023 before we finally switched to W2 status with standard withholdings. I received my 1099 and it was significantly higher than I expected. Since they offer group health insurance, I guess the additional 10k was for payments for my premium + a dependent they were paying on my behalf. Not sure how to factor that into my taxes? It's not like they were paying me directly to pay for my own health insurance. And the additional 10k was not included in any of my paychecks throughout the year. 

1 reply

D
DebSheenD
February 3, 2024

I understand your situation when something isn't right, @lizjp.

 

I'm here to share some information about 1099s and W2s in QuickBooks.

 

The difference between 1099 workers is that they file their payroll taxes. while my w2 is the employer deducts or withholds the payroll taxes through a paycheck. 

 

To know more information about your taxes, I recommend contacting the IRS or an accountant to identify the best course of action for your circumstance. This enables you to avoid penalties if necessary.

 

Just in case you don't have an accountant, you can click this link to find one: Find an accountant.

 

Furthermore, you may also want to learn more about the year-end checklist for QuickBooks Online Payroll. 

 

Feel free to let me know if you require any more help with your 1099s and W2s. Have a great day!

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