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Old 01-27-2011, 04:53 PM   #19 (permalink)
raiderguy10's Avatar
Join Date: Sep 2009
Location: Bismarck, ND
Posts: 3,583

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).
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