Quote:
Originally posted by bob jenkins
Quote:
Originally posted by Nevadaref
$35 a game/hour is pretty good, but you must remember that with bd. 12 you lose 11% of that off the top to the assignor fee and then you must pay taxes (income and self-employment social security) on the rest because those games are run through the association and paid by check and they give you a 10-99 at the end of the year.
Put that up against what we have out here, which is $25 per game/hour cash. It probably is about even in the end. Just don't let the bigger initial number trick you.
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The tax implications are teh same, whether you get a 1099 or not. IT's all income.
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Sounds like you need a tax advisor! I made over 10 k due to sporting events (officiating) last year and paid 0 taxes on the income. You can fill out a schedule C (profit and loss from a business) and expense off things like mileage, cleaning expense for uinforms, dues to officiaing communities or associations, camp fees, food, hotels, rental cars and other expences. You only pay taxes (fed, state, FICA ect) if you PROFIT over $400. Consult your tax professional. Also there are books put out by another organization that can assist you.