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Corbin likes to work at the local tree farm during the holiday season to make extra money This season was successful , and he made about $900 . As a seasonal employee , Corbin is considered an independent contractor . Which of the following IRS forms can Corbin expect to receive for filing his taxes ?

A) IRS Form W-2
B) IRS Form 302b
C) IRS Form 1099
D) IRS Form 1040
E) IRS Form W-4

1 Answer

1 vote

Final answer:

Corbin, as an independent contractor, will receive a Form 1099 to report the income earned at the tree farm. This form is critical for filing his individual income tax return using IRS Form 1040, where he will also be responsible for his own federal income and self-employment taxes.

Step-by-step explanation:

As an independent contractor, Corbin can expect to receive a Form 1099 from the tree farm for which he worked during the holiday season. This form is typically used to report income paid to a freelancer or independent contractor who is not an employee on the payroll. On the other hand, IRS Form W-2 is used for employees who have taxes withheld from their pay checks. For independent contractors, receiving a Form 1099 means they are responsible for paying their own taxes, including federal income tax and self-employment tax, which covers Social Security and Medicare taxes. Form 1099 is crucial because it reflects the income Corbin needs to report when filing his taxes. As an independent contractor, Corbin will use the information from the Form 1099 to fill out his IRS Form 1040, which is his individual income tax return.

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