Page 16 - Business Reference Guides
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Reporting Gig Economy
Gig Economy - Money earned through this work is usually taxable.There
are tax implications for both the company providing the
platform and the individual performing the services.
Income - This income is usually taxable even if the:
- Taxpayer providing the service doesn't receive an
information return, like a Form 1099-NEC, Form 1099-MISC,
Form 1099-K, or Form W-2.
- Activity is only part-time or side work.
- Taxpayer is paid in cash.
- People working in the gig economy are generally
required to pay:-
- Income taxes.
- Federal Insurance Contribution Act or
Self-Employment Contribution Act tax.
- Additional Medicare taxes.
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