What is a 1099-Misc Form?
The 1099-MISC form is used for business to report payments of $10 or more in gross royalties or $600 or more in compensations or rents to a person who is not an employee.
What are Quarterly Taxes?
If you are an independent contractor and expect to owe more that $1,000 in taxes at the end of the year you may need to pay estimated quarterly taxes to the IRS. You can use Form 1040-ES to help calculated your estimated taxes. You can view more information about estimated taxes on the IRS website here.
When will I receive my 1099-MISC form?
You will receive your 1099-MISC form by January 31st.
I just received an email from a business that wants to pay me via Gig Wage, what do I do next?
Just click the link in the email and create your account by entering in a few pieces of information to receive your payment. After you receive your first payment from Gig Wage you will automatically be paid when someone issues you a payment in the future.
Why do you need my Social Security Number?
We need your Social Security Number (SSN) for two reasons: payments and tax forms.
Payments: Federal regulations (specifically US Patriot Act Section 326) require our banking partners to identify the individuals involved in a transaction. The SSN is one of the key identifiers used to make sure that those involved in the transaction are who they say they are.
Tax Forms: The SSN is also known as a Tax Identification Number (TIN). To create accurate tax forms like a 1099-MISC, the SSN is required by the IRS to have a valid form.
Can I be paid by multiple businesses to my Gig Wage Account?
Yes, you can receive payments from multiple businesses and will receive a 1099 for each business that paid you a minimum of $600 for the year.
How soon will I get paid?
Once payment is initiated it takes 2 business days for funds to be available in your bank account.
Things that could delay a payment:
No bank account added Payment was not initiated by 4:00 EST banking cut off Banking Holidays
Gig Wage will display the anticipated deposit date for contractors in your account view and in an email sent to you alerting you that your payment is on the way.
How can I request to be paid via Gig Wage?
We will be adding the ability to request additional businesses to pay you Via Gig wage soon!