Fantasy sports organizers must figure out players' net profits in order to determine who gets 1099 forms. Win/Loss statements show net. " Ignore the note that says not to enter compensation for which you will receive a 1099. 14 Replies VolvoGirl. 5% more money to cover the extra taxes. Comparing 1099 Workers vs. If you can only work exclusively on the church property (choir rehearsals, services) If you can quit anytime you want without any liability. For those who thrive in team environments and enjoy the social aspects of work, switching from a 1099 status can be a positive move. I explained to the Executive VP who made this decision, that according to the IRS, the criteria for being an employee is the work is done with supervision and with the employer’s materialsBelow are the four main types of 1099 forms. Click “1099-R Summary” under My Payroll Information. Whether you choose to file an LLC as a sole proprietorship, partnership, or corporation the AMS W-2 and 1099 Forms Filer can support your tax needs. Most sportsbooks and casinos will begin withholding federal taxes from your winnings on payouts of $5,000 or more. When you are paid by clients and file a form 1099 at tax time, you’ll be required to pay the employer's share of these taxes, meaning that the full 15. 1099-H: Health insurance payments. The self-employed pay twice as much Social Security and Medicare (FICA) taxes, because employers normally pay half. Form W-2 vs. Deduction isn’t worth the same as paying tax. When a company hires someone, they will hire them as W2 employees or 1099 contractors. Fantasy sports players who win more than $600 generally get a Form 1099-MISC, or 1099-K, depending on how the money is paid out. Your employer will pay some or all of your. Bookmark Icon. I have been both. Dividends for Adults are taxable for federal income tax purposes. Boxes 3 and 5 would show the full $30,000 since your total wages are subject to Social Security and Medicare Taxes. There are specific guidelines set by the IRS to determine whether a worker should be classified as an employee (W2) or an independent contractor (1099). The same goes for termination. However, depending on the how your winnings are classified with the payer, you may receive Form 1099-MISC. Updated 12/01/2022 08:25 PM. Companies must file a 1099 form if they spend over $600 on a contractor (wages. However, if an owner wants to be treated as an independent contractor for employment tax purposes rather than as. You'll also find information about new W-2 opportunities in the app’s Feed section. an idependant contractor and his workers are my employees. We will withhold federal income tax from the winnings if the winnings minus the wager exceed $5,000 and the winnings are at least 300 times the wager. Situations covered (assuming no added tax complexity): W-2 income. ; Form 1099R reports. Mail: If you prefer to file your 1099-NEC Form by paper, you can. (The IRS wanted to do. A 1099 contractor is not subject to the control and direction of their client. Meanwhile, Form 1099-NEC must be submitted before January 31, whether using online or paper filing methods, to the IRS. Taxes are not usually withheld by the payer for 1099 forms. maintained the licensing contracts for NFL trading show, show gambling and selected other items. Part of your social security and Medicare taxes will be covered by your employer. Philadelphia 76ers Premier League UFC. Everywhere I've ever heard about is a W2 job and then, in some cases, a 1099 that comes from the manufacturer. 1099 and W2s are the different tax forms used to deduct payroll taxes on different types of employees. I looked it up recently, and apparently every player gets paid a. Key Takeaways. For a foreclosed property, you might receive both a Form 1099-A and a Form 1099-C. Form. Running a music business likely requires certain monthly expenses, and you can claim these as deductions to reduce your tax liability. They may offer a retirement match (3-10%). Philadelphia 76ers Premier League UFC. Is he: a. I know that brokers do their own thing in terms of W-2 or 1099, but some states have specific laws regarding this issue. November 30, 2021. Get an Immediate Tax Deduction, but Give Later: You get the tax deduction when the foundation is funded, then make your charitable gifts. For most workers, a W-2 or 1099 is just a piece of paper they get at year-end to file their tax returns. Whether or not certain federal and state labor and employment laws apply. 1099 workers, on the other hand, are usually paid on a project or task basis, with payment. 2. maintains the licensing contracts for. Since Uber provides this information directly to the IRS, you don’t have to include the 1099s forms with your tax return. 45 million for the 2013-14 season, as well as this year at $23. 5. A 1099 employee earns their title from the 1099 tax form used for independent contractors who sign work agreements with a company. To report wages from a W-2: Click on Federal Taxes > Wages & Income. For the Reason Code select "H - I received a Form W-2 and a separate Form 1099-MISC and/or 1099-NEC and the income should have been reported on Form W-2. In the chart below, you can see the major aspects that sets 1099 workers a part from W-2 employees: 1099 Workers. 1099 means you are considered an independent contractor, and you will be responsible for not only income taxes, but self-employment taxes (Medicare and social security, aka FICA). Brock Osweiler’s 2016 tax filing was about as simple as you can get for an NFL player: With the Texans he played home games in. 65 percent, of. Expert Alumni. 3% combined employer/employee on the first $128,400, then essentially dropping to 3. Mail: If you prefer to file your 1099-NEC Form by paper, you can. About This Data. 4. Key Takeaways. The cons were withholding my own taxes and that because I was a contractor, even if I’d gone full time, I wouldn’t have been eligible for benefits - I was lucky during this time that my partner had a full time job that provided benefits for both of us. Remember, those. (The IRS wanted to do something to. Whether or not certain federal and state labor and employment laws apply. W2 workers can confuse a lot. $5,738) to be better off. 4. They are 1099 employees right now, but I want to put in place company policies to. This website uses cookies to give you the best experience and personalized service. Consider the tax write-offs you can take. In addition, W-2 workers pay less in FICA taxes. Also, terminating a work arrangement with 1099 employees is a lot simpler compared to their W2 counterparts. I would base this decision on how much health insurance costs and how much vacation you'd get as an employee (w2). Wages, any bonuses, prizes, and awards paid to employees (report these on Form W-2). Form 1099-NEC for your driving services (included on Form 1099-MISC in years prior to 2020) Form 1099-MISC for other income you’re paid, such as bonuses or referral fees. And no workers comp coverage either. W-2 Employees. Collect all tax documents including year end paystub, W2, duty days, 1099s. A 1099 is designed for someone with autonomy over their hours and how they do their job. Win/Loss statements show net. Your 1099 paycheck should be A LOT bigger. The IRS requires each payment settlement entity to send you a Form 1099-K by January 31 to business and individuals that surpassed the threshold for the year. gov. Ending an employment arrangement with a W2 employee is usually more technical compared to freelancers. A employee will submit a W-4 for the federal and state taxes. You may receive a second W-2 from an insurer. Social Security Tax (FICA): Social Security tax is withheld at a rate of 6. W-2s (employees) and 1099s (independent contractors) get their names from the tax forms they receive each year—the W-2 and 1099-MISC, respectively. 1. When a taxpayer files both a Form W-2 and Form 1099-MISC for a worker for the same year, and payments reported on each information return were made during the same period of time, the taxpayer may argue that the worker was performing two separate and distinct services – one as an employee and one as an independent. Taxes are not usually withheld by the payer for 1099 forms. The degree of independence of the worker. NFL Player Jock Tax Gets More Complex With Pay Schedule Change. This is a hot topic, but I believe it is self reporting. Get paid. e. John Karaffa saw this firsthand when he played. Choose how you want to file taxes, and what you choose will depend on the process. To use this system, you must be able to. ToastNeo1. NFL players are considered employees under the FLSA. : Players Inc. " Ignore the note that says not to enter compensation for which you will receive a 1099. Both the Form W-2 and Form 1099 serve a similar purpose—to report income you earned from sources throughout the tax year—but each is issued under different. S. In most cases the living costs of a player competing at the highest level of the league will not be deductible. Your employer will pay some or all of your. Whether you hire a contract worker or employee makes a difference in whether you use a W2 or 1099 tax form. You should only get a 1099 if you profited over the normal $600 figure. Bookmark Icon. As a 1099 contract worker you will have to pay 15. Filing a W2 and 1099 in the Same Year Can Seem DifficultThis video will take you through the W-2 and 1099 forms that are sent to you by your employer and used to file your taxes. 2% better off with the W-2. This website uses cookies to give you the best experience and personalized service. A 1099 and a W2 are akin in that they are both end of year forms indicating monies paid for the year to either a contractor (1099) or an employee (W2). W2, the simple shortcut to remember the difference is that the W2 is for wages from a full-time position where you’re receiving benefits and a 1099 is for income from places like. 1099 employees pay 100% of their Medicare and social security taxes. Only take a 1099 job if it pays 8% or more than a similar W-2 job, or you want a J2, J3, J4, or J5, and there are no other W-2 jobs available. splitting that cost 7. I made just over $6,000 in commission and I received a 1099-NEC for this additional income. We compared the 1099 vs W-2 forms, so you can quickly determine which you need to use and when to use it. Let’s discuss TIN Matching Frequently Asked Questions (FAQs) to understand more about the IRS TIN Matching Process and how it works. 1099 vs W2 employee, which on should you choose as a business owner? Well the answer may surprise you because there are many pros & cons that you have to loo. For Total Wages Received, enter the amount of the bonus. States have collected hundreds of millions in gaming taxes since the Supreme Court overturned the federal ban on sports betting a few years ago, and the IRS wants its fair share. W2 employee so you can keep your business in the clear. Otherwise, be an employee with a W2. Reporter. They pay. W2 employees have a full-time job with the company, and benefits often come with that position. As an employer, you have more control in your relationships with W-2 employees, including setting their work hours, schedule, and day-to-day tasks. Form W-9 is used to gather information about a contractor (like name, address, and Tax ID/SS number) so their earnings can be reported at year-end. This means that our software tools are great options for users with multiple businesses, or perhaps accountants who oversee multiple entities. When you start working for someone you either give them a W4 (employee) or a W9 (contractor/vendor) to indicate your tax information. I understand that W2 is employed. 65 percent, of. But the practice can pay you the money it would have spent on those benefits as 1099 payments, and you can pay for them and deduct the costs yourself. As a 1099 independent contractor, you are self-employed and unable to access the benefits your agency offers regular employees. Two of these are 1040, U. This of course means that I'm responsible for self-employment taxes, which is an awfully big number. Professional athletes must file tax returns for each state that requires jock tax. The due date for both forms is January 31. The first step to correctly classifying your employees is to understand the difference between a regular employee (W2) and a contract employee (1099). 65%) and then withholds the other half from W2 employee paychecks. facilitates the marketing of players as personalities as well as professional athletes. Consider the tax write-offs you can take. W-2 workers and 1099 workers face different tax liabilities. The primary distinction between W2 vs 1099 workers lies in their employment relationship. This means that a player contributing $10,000 will immediately have $30,000 in his 1 Answer. 1099: Employee differences . ToastNeo1. Form W-2 is a wage and tax statement you issue to employees. Royalty checks are paid in September or October, and are reported to the player on Form 1099. You have the 1099 and W9 backwards. Churches will need to use this form if they made payments totaling $600 or more to a non-employee, such as an independent. I asked for a w2, but they gave me a 1099 which forces me to pay all the 15% payroll taxes myself. In barbering the biggest single thing I can point to is if you booth rent, than you are an IC. The IRS requires each payment settlement entity to send you a Form 1099-K by January 31 to business and individuals that surpassed the threshold for the year. Two of the most common forms used to report this type of income include the 1099-NEC and the 1099-MISC form. We know you have more questions, so let’s dive in a little deeper. Please go back to your income reporting form, be that a W2 or 1099. I am an insurance agent in Michigan. From your perspective, converting from W2 to 1099 costs the extra 7. Interest or dividends (1099-INT/1099-DIV) that don’t require filing a Schedule B. And it’s not just players who have to pay the jock tax. Quality benefits attract and retain high performers as well as increase morale. 65%. A well-run organization understands where to best leverage a W2 employee and when it makes business sense to invest in a 1099 contractor. Form 1099-K for your driving services. The major leagues typically send Form W2-G with all the information you’ll need to report winnings. 2% on the first $106,800 of wages paid ($6,621 maximumI would push for $110-$120 for c2c if you can. While you may not have set working hours, you often have greater flexibility for making your own schedule. ago. W2, the simple shortcut to remember the difference is that the W2 is for wages from a full-time position where you’re receiving benefits and a 1099 is for income from places like. It would be pretty tough to get a 49% raise, so this seems like a good move to me! Of course, that was assuming the billable rate was $100/hour. In addition, some employees can feel trapped by this rigid work schedule. Only thing with w2 is you don't have a cushion of getting unemployment if you are laid off, but. If IRS intervention still doesn't produce the form you need and you want to file by the tax deadline, fill out Form 4852 . When you do that, you will need to report some of the 1099 income as W-2 wages paid out from the LLC to you. Should I get a w2 from my former employer, or is a 1099 correct in some cases?Los contribuyentes primero deben comunicarse directamente con el empleador, el pagador o la agencia emisora para obtener copias. , January 31, 2023 for wages/compensation paid in 2022). To print or view your 1099-MISC income tax statement, visit myPFD. If you are an annuitant, you can find your CSA or CSF claim number on your 1099-R, your annual COLA notice or your Benefits Booklet. garynk87 • 8 mo. 1099-S: Any profit made from selling real estate. With a W-2 employee, you have the right to direct the work being performed. An employee (common-law employee) A statutory employee. W2 workers are considered employees, and their employers have a greater level of control over their work processes. The same goes for termination. 14 Replies VolvoGirl. The minimum salary was. Players Inc. The 1099 form we’re talking about is formally known as a 1099-MISC and means miscellaneous income that you’ve accrued during the year. Identify all expenses that can properly be claimed. In basic terms, 1099 contractors are self-employed, and you as the employer have no say over how the contractor works and are not responsible for withholding taxes. "If you're an employee of a trucking company and receive a W-2 at the end of the year, unfortunately, none of your job-related expenses are tax-deductible. Depending on what state you’re in you may not be able to be 1099, both from your licensing board and from your state’s employment laws. On the next screen, "Employee Compensation Not Reported on a W-2," click Continue. The W-2 reports your gross wages and federal and state income tax withholding from your job. If you're W-2, you pay 6. A good rule of thumb is the 60/40 rule. The difference is on W2 the company pays FICA, Unemployment, Payroll expenses, and you get W2 paid after all expenses, and there is no paperwork on your end, but the company typicall deduct. An employee who obtains a W-2 tax form from their employer is known as a W-2 employee. We will issue a W-2G form each time a player has a payout of $600 or more (no reduction for the wagered amount) and a return that is 300X the amount wagered. Independent Contractors (i. The classifiers 1099 and W2 refer to the end-of-year tax forms you get for each type of employment. NFL players are paid weekly through the regular season, and there were 18 weeks this season, meaning Mathieu's paycheck was at least $808,333. You will have less of a tax bill with the W-2 income. Form 1099-Misc: Misclassification of employees as independent contractors can result in significant penalties. Key Takeaways. ”. Really? — Wisdom for Women (@wisdomforwomen) February 5, 2017 Uncle Sam might not ask for anything more than a W-2 from Americans who only work for one company, but pro athletes rarely have that luxury. You will be issued a 1099 form at the. It really depends on how the stay bonus was handled by the original company. Training, managing, and motivating your employees can be an ongoing necessity, and terminating a W-2 employee can be more complex than a 1099 contractor. Taxpayers are required to report all sources of income on their. As A W2 employee the employer has to pay workers comp and roughly half of your social security and. But it’s important everyone understands these end-of-year tax. 95 more doing 1099 work than W-2 work. RedSunFox • 8 mo. Depending on the amount of the dividend, your child’s dividend may be taxable. Learn how to leverage group player rights and get access to 2,000+ NFL players for licensing and marketing opportunities. 1. NFL NBA Megan Anderson Atlanta Hawks Los Angeles Lakers Boston Celtics Arsenal F. Part of your social security and Medicare taxes will be covered by your employer. You’ll receive a 1099-NEC (nonemployee compensation) for income you receive for contract labor or self-employment. C. Let’s discuss TIN Matching Frequently Asked Questions (FAQs) to understand more about the IRS TIN Matching Process and how it works. 1099’s can also deduct business expenses much more easily, and set up low cost. YOU ARE AN EMPLOYEE AND SHOULD RECIEVE A W2. 1099-INT: Income from interest. In general you want your 1099 rate to be at least 30% more. Been both places. Some people are savvy enough or just like to play the game so much where their effective tax rate is like 5. Order My 1099-etc Software Today. In Box 15, there might be a state abbreviation, such as IL for Illinois, and then the State ID Number for the company that issued the w2 or 1099. Employee Benefits. Now let’s take a look. So really you need to make up that 7. As u/buckybadger26 said, they have until January 31st to get the forms to you and the IRS. Where 1099 forms differ from W-2 forms is in tax withholdings. Sorted by: 2. Pros of the 1099: Cost Savings: 1099 contractors are typically less expensive than W2 employees. (FL) LMHC. Those sites should also send both you and the IRS a tax form if your winnings exceeds $600. November 30, 2021. S. Here are a few of the advantages you'll have as a 1099 contractor: You get to deduct 1/2 of your self-employment tax. Unless 1099 is paying a lot more w2 may be the way to go. Loan Out Corporations enable entertainment professionals. g. In fact, the difference between what taxpayers owe and what they actually pay (which is commonly known as the tax gap) is about $166 billion per year, according to the U. It is not unusual to see a W2 with 7-8 different states listed with income for that state. Your business will use a W2 form for employees. It’s a record of an employee’s compensation, benefits and taxes withheld for a given tax year. There are valuable benefits as well. When you are in the Document Center section, you should be able to see a 1099 form. At a normal W2 job, you pay 1/2 of the payroll taxes (Social Security and Medicare) and your employer pays the other 1/2. Then as a temporary measure to keep the business finances simple, a 1099 would be ok. An employer pays half of this (7. For starters, one of the main benefits of hiring a 1099 contractor is that you generally assume a lower legal risk when using the services of a 1099 worker. individual income tax return, and 1099, miscellaneous income or 1099, nonemployee compensation – shortened to 1099-MISC and 1099-NEC, respectively. If you are considering growing your team, you may wonder if you should hire a W2 employee or a 1099 contractor. Think of it like your weekly paycheck. It is based on circumstances and facts of the matter. Hiring a 1099 vs a W2 employee to meet your business needs has advantages, disadvantages and legal implications. The tax form 1099 is a return you file to the IRS, which includes information about your business. 3%. Best. Get a flat? They'll bill you for it for example. The form is used by businesses to report non-employee compensation. They must pay federal income tax, just like everyone else, but at a far higher rate of 41. Jan 31, 2015. Another way to calculate this is:You will pay more taxes as a 1099 worker because you pay both the employer and employee portions of payroll taxes, including Social Security and Medicare. Pursuant to Notice 2023-10, for calendar year 2022, third party settlement organizations who issue Forms 1099-K, Payment Card and Third Party Network Transactions, are only required to report transactions where gross payments exceed $20,000 and there are more than 200 transactions. This includes my truck, mower, etc. You're always responsible for 100% of your income taxes, whether you're a W2 employee or a 1099 independent contractor. Let's say your total annual expenses including everything (car lease, mortgage, kids tuition, underwear, shaving cream , absolutely everything) is. If any taxes on your winnings have already been withheld, make sure to report that on the 1099 or W2-G. c. Pros. The 1099-MISC reported amount is the amount attributable to the attorney fees amounts and other settlement fees. 3% -- a significant. You end up missclassified as 1099 and receive no benefits and they can attempt to screw you over any way they can. 2%. Being a W-2 employee with no benefits (no health insurance, 401K or even accruing vacation or sick days) doesn't allow for itemized expenses. Here's a brief on what is W2 Contract and Corp to Corp with the difference in W2 vs C2C. Pros Consistent, reliable salary. Therefore, you are in charge of finding your own insurance coverage and other benefits without the safety net of your company’s support. We may assess penalties of up to $25,000 for not filing electronically, filing incorrect or incomplete W-2s or 1099s, or filing late. A good rule of thumb when comparing W2 vs 1099 offers is that you want to make AT LEAST 50% more on your 1099. are going to incur Federal taxes of around 40 cents per dollar of ordinary income. Getting Ready for Football. Tax people say you must report any money as income, fantasy football, scratch off tickets, gambling winnings, tips, etc. By January 31, the W-2 employee receives a Form W-2 that includes information around taxable compensation, tax withholdings, and any additional tax deductions for employee benefits such as employer-sponsored health coverage or 401(k) plans. 585 from January to June, and then $0. 1099报税 ：在报税季突然收到了1099系列的报税单，不用慌张，看完大熊猫的文章，就能轻松应对各种常见1099报税单。常见的Form 1099-MISC来源有三种：雇主，银行和房地产经纪人（租金收入）。那么今天这一篇大熊猫就重点讲一下收到Form 1099-MISC和其他常见1099表该怎么报税。The 1099 form we’re talking about is formally known as a 1099-MISC and means miscellaneous income that you’ve accrued during the year. ; In the Wages and Salaries section, click on the Start/Revisit box. . Then, you multiply each mile by a standard amount set by the IRS. Independent contractors receive 1099 forms rather than W-2s as a record of income earned. You can add to that FICA and/or self-employment tax (15. In today's video, we're answering a question we get asked about all the time, and that. The company can cut back your. Here are some things a W2 employee can expect: Your employer will withhold federal and state (where applicable) income taxes and your portion of social security and Medicare taxes from each paycheck. 1099 question involves CFPB and HUD rules regarding loan officers, state and federal labor laws, definitions of broker versus banker versus loan officer, SAFE Act/state licensing laws, etc. Many employers refer to independent contractors as "1099" and employees as "W-2" workers after the IRS forms used for reporting purposes. A lot of 1099 drivers don’t know this, but CPA’s are tax deductible, and the removal of the travel food tax deduction for truckers applies only to W-2 drivers. You can contact the IRS at 800. Reporting Taxes Withheld. Only certain taxpayers are eligible. W2 employees receive a regular paycheck from their employer, usually on a biweekly or monthly basis. • You may receive a Form W-2G, Certain Gambling Winnings and have federal income taxes withheld from your prize by the gambling establishment if you have qualifying winnings. Employers must send out W-2 forms to their employees no later than the said date. One you do not. S. And while it may seem like a simple step, the classification options can be confusing. Filing W-2 and 1099 Forms Online. Is the Win/Loss Statement the same as a W2-G and/or 1099-MISC? No A Win/Loss Statement only reflects the activity of gaming play while properly using the Players Club card. The American Rescue Plan Act, signed by President Joe Biden back in March 2021, attempts to solve that. Seriously, don't you have something better to do than giving the NFL higher ratings–over paid players and a satanic 1/2 time. Employers use 1099s and W-2s to record earnings and deductions for various workers. Think of it like your weekly paycheck. You are asked if you want to be W2 or 1099 (W2 and 1099 have very SPECIFIC definitions according to the IRS. The same filing. As a 1099 contract worker you will have to pay 15. If you are unable to locate your CSA or CSF claim number, or you are not a retiree, former spouse of a retiree or a survivor of a retiree, or you are inquiring about the status of a refund application, please contact us onThe W-2 and 1099 forms play vital roles in the tax preparation process, serving as official records of income that are crucial for accurate tax calculation and reporting. Organizers typically calculate players' net profits using a formula. 1099: Everything you need to know Brynne Conroy Alana Rudder Alana Rudder Verified by an expert “Verified by an expert” means that this article has. S. Just fill out the W9 and worry about the 1099 if you won too much (good problem to have). . How can I tell if a job is W-2 vs 1099? You’ll see a “W2” label when viewing a W-2 opportunity in the app. Small business taxes. You will also have to pay your own workers compensation insurance. . Therefore, having 1099 contractors is usually ideal for the nurse practitioner business owner, but you need to be careful…. The managing of being a 1099 is super simple, I use Quickbooks Self Employed and it does all the tax calculations for me and I know exactly what I owe FEDERALLY. If you answered “Yes” to at least one of the questions above, you might consider a 1099 position. You can't just wait to pay it all at tax time. #2. What information and copies does the W-2 require? Form W-2 has six copies: Copy A: employer sends to the Social Security Administration, or SSA; Copy B: employee files with the IRS for tax return purposesThe 1099 Form Used by CRE Players A 1099 form is used to report non-employment income and there are a total of 21 information returns or 1099 forms. Once you’ve been given your W2 form, you can work on filing your taxes. What’s unique about a 1099 form is you don’t have to attach or upload a copy to your tax return. The NFL currently maintains an outstanding 401(k) plan for its players as well as provides an additional pension plan for retirement. Form 1099-K shows the value of the transactions the PSE has processed for you in the past year. So it would be impossible for the 250K 1099 job to pay more than the 400K W-2 job. W2G automated tax forms are available for members playing at the High Limit Slots in Caesars Palace. Just a tax difference alone is $3,978 (7. In determining whether the person providing service is an employee or an independent contractor, all information that provides evidence of the degree of control and independence must be considered. Pros and Cons of W2. More commitment. Rellenar la forma 1099-MISC es mucho más sencillo que llenar el formulario W-2, porque no tienen que. Methodology: For this piece GOBankingRates first sourced the top 10 highest paid players in the NFL, NBA, and MLB and sourced each player’s (1) current or upcoming seasons salary. Companies must file a 1099 form if they spend over $600 on a contractor (wages. NFL NBA Megan Anderson Atlanta Hawks Los Angeles Lakers Boston Celtics Arsenal F. b. IRS - see page 9 So all the talk about contracts and the tax rates of different NHL cities got me curious about the tax status of NHL players (and, by extension, players in other sports).