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raiderguy10 · 01-27-2011, 04:53 PM

I'm not sure how paypal gets bye with a $20,000 1099 limit. The limit for independent contractors is $600. I don't know how they got around the $600 limit. Anything over $400 you are not only required to pay federal income tax (ie your marginal tax rate), you are also required to pay 13.3% of self employement taxes this year and 15.3% in every other year on 92.35% of your self employment earnings (Obama lowered FICA taxes by 2% for 2010).

01-27-2011, 04:53 PM	#19 (permalink)
raiderguy10 Member Join Date: Sep 2009 Location: Bismarck, ND Posts: 2,802 raiderguy100	I'm not sure how paypal gets bye with a $20,000 1099 limit. The limit for independent contractors is $600. I don't know how they got around the $600 limit. Anything over $400 you are not only required to pay federal income tax (ie your marginal tax rate), you are also required to pay 13.3% of self employement taxes this year and 15.3% in every other year on 92.35% of your self employment earnings (Obama lowered FICA taxes by 2% for 2010). __________________ Follow My NFL HOF Journey: http://www.blowoutcards.com/forums/football/187413-my-nfl-hof-collection-27-go-very-scan-heavy.html "IN AL WE TRUST!!" - RIP Coach.