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Surname 1 Payroll: What it means to you Name: Tutor: Course: Date: Q1. Yes, I do receive a form 1099 as I am a self-employed individual owning a small enterprise. These forms are used in reporting the payments that have been made to the enterprise or money that has been received from the customers. The payment reports are submitted to the IRS and the small enterprise. If payments amounting to $10 or more when it comes to gross royalties, or $ 600 or more in compensation or in rents, they should be reported to the IRS. When you have not been issued a W-2 form, you pay an extra amount because the individuals are responsible for paying both taxes of the employee and the employer, and an extra fee of SS tax (Fonseca, P. 217). Q2. The W-2 form is a statement that contains earnings or income amounts of the employee and the employer should submit the detailed information to the IRS. There are several challenges that are encountered as the employers try to meet the requirements of the W-2 forms. They include the expenses and costs that the employers face while preparing the W-2 forms and Surname 2 submitting them as some of the employers have to hire individuals with accounting skills ...
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