are nfl players w2 or 1099. Harvey Bezozi | May 24, 2018 In a recent article, I examined some of the potential impacts of the Tax Cuts and Jobs Act of 2017 on professional sports teams and team owners. are nfl players w2 or 1099

 
 Harvey Bezozi | May 24, 2018 In a recent article, I examined some of the potential impacts of the Tax Cuts and Jobs Act of 2017 on professional sports teams and team ownersare nfl players w2 or 1099  The company can cut back your

Form W-9 is completed by the independent contractor and provides details on who they are. Employees use this information to prepare their annual tax returns. Independent contractors, like freelancers and real estate agents, in the U. You will also be able to access your 1099-R Form for the three years prior to the tax year that just ended. When an individual performs services that are controlled by you, and you are the one. Comparing 1099 Workers vs. I know that brokers do their own thing in terms of W-2 or 1099, but some states have specific laws regarding this issue. Many though should be given W-2's. Churches will need to use this form if they made payments totaling $600 or more to a non-employee, such as an independent. It is not unusual to see a W2 with 7-8 different states listed with income for that state. Most people I know prefer to get double or close to double. Pros of W-2 vs 1099 for employers and employees. What’s unique about a 1099 form is you don’t have to attach or upload a copy to your tax return. May 25, 2022 5:55am. 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 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. Use the images attached to help finish your entry. They get paid any bonus when they meet it (so a signing bonus is right away, roster bonus is on the 5th day of the league year or whenever it is that it kicks in, workout bonus is at some point during the pre-season, performance bonuses the game after those bonuses are met, etc. 65% for you and 7. under the terms of an agreed-upon “statement of work” for an independent contractor). They use a formula to determine when a player hits the $600 level: Prizes won minus entry fees plus bonuses = net profit. Pros of the 1099: Cost Savings: 1099 contractors are typically less expensive than W2 employees. Where 1099 forms differ from W-2 forms is in tax withholdings. Usually, when the project is done or the contracting services are no longer needed, the. Alaska PFD or capital gains distributions shown on a 1099-DIV, View solution in original post ‎June 7, 2019 3:54 PM. W-2 employees typically do this via withholding; 1099 contractors do this via quarterly payments of estimated tax. You should contact your employer to find out whether you should have received a W-2 for the short-term disability payment before you add this info in TurboTax. If any taxes on your winnings have already been withheld, make sure to report that on the 1099 or W2-G. It really depends on how the stay bonus was handled by the original company. On the next screen, "Report Your Wage Income," enter the employer's name and EIN from your W-2. If you do not receive your W-2 by February 15th, you can call the IRS at 800-829-1040. Only thing with w2 is you don't have a cushion of getting unemployment if you are laid off, but. If you compare 1099 vs. What is the deadline for filing W-2s and 1099s? You must provide employees with their W-2 forms and file them with the IRS no later than January 31, 2023, whether filing by paper or electronically. First off w-2 is for employees, 1099 is for freelancer/contractor. Yes, you will pay more in taxes if you choose 1099. W2 is better. 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. Winnings From Online Sports Sites Are Taxable. Organizers typically calculate players' net profits using a formula. Might take 6 months to fix it. TIN Matching will help taxpayers perfect their payee data before filing Form (s) 1099 with the Internal Revenue Service (IRS) and Form (s) W-2 with the Social Security Administration (SSA). Because employees are working for your company long-term, they’re likely to be more dedicated and committed to their work and role. Nannies are legally classified as household employees and should be receiving W2s. Our analysis also incorporated taxes paid to the states and cities of away-game opponents, as well as applicable deductions, credits and exemptions. The difference between IRS Forms W-9 vs 1099 is that the former is given to contractors for the purpose of collecting personal information, while the latter is for reporting wages to the IRS. Sam McQuillan. About This Data. Los trabajadores W2 no deben calcular su pago de impuesto por trabajo, porque las retenciones corren por parte del patrono o empleador. Contribuyentes que no han recibido un Formulario W-2 o Formulario 1099 deben comunicarse con el empleador, el pagador o la agencia emisora y solicitar una copia del documento corregido o que falta. The whole nine yards. If you receive multiple W-2G. Box 1 would show $24,500 since $5,500 is not being taxed. Filing W-2 and 1099 Forms Online. The company can cut back your. Fantasy sports organizers must figure out players' net profits in order to determine who gets 1099 forms. Tax people say you must report any money as income, fantasy football, scratch off tickets, gambling winnings, tips, etc. If IRS intervention still doesn't produce the form you need and you want to file by the tax deadline, fill out Form 4852 . ‎June 4, 2019 5:59 PM. The W2 reported amounts are the back pay portion and include the appropriate amount of tax withholding. A government worker. Whether or not certain federal and state labor and employment laws apply. Benefits: As a contractor, you won’t get employee benefits like healthcare, retirement savings accounts, and employee discounts. 1099 as long as I’m getting at least 7. You fill out a W-2 for any worker who. Contract workers will use a 1099-MISC to report payments your business makes to them. What is the difference between a W-2G and a Win/Loss statement? A W-2G is a tax form provided for winnings of $1200 or more. If you don’t receive a 1099-K, the IRS still expects you will report all your income, regardless of the amount. 9% to Medicare. This of course means that I'm responsible for self-employment taxes, which is an awfully big number. A simple tax return is one that's filed using IRS Form 1040 only, without having to attach any forms or schedules. • 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. Further, there is no promise of a certain number of hours, days, or years of work. ago. 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. W-2 income Interest or dividends (1099-INT/1099-DIV) that don’t require filing a Schedule B IRS standard deduction Earned Income Tax Credit (EIC) Child Tax Credit (CTC) Student loan interest deduction Situations not covered: Itemized deductions Unemployment income reported on a 1099-G. As a W2 employee, your employer pays 7. Cons of being a 1099 contractor. Poker tournament winnings are more than $5,000. Form 1099-K for your driving services. The W-2 reports your gross wages and federal and state income tax withholding from your job. Two of the most common forms used to report this type of income include the 1099-NEC and the 1099-MISC form. The exceptions being Florida, Washington State, visiting players in Canada and DC, and Texas. Think of it like your weekly paycheck. The main difference between the forms. 1099-H: Health insurance payments. 3% in self-employment tax vs. To report wages from a W-2: Click on Federal Taxes > Wages & Income. Unless 1099 is paying a lot more w2 may be the way to go. 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. Responsible for their own federal payroll taxes. A Form 1099 is issued to an independent contractor to report their income to the IRS. That means giving instruction and providing the tools, training, and equipment to complete the work. There is one key difference between a W-2 form and 1099. If it was mailed, it may have been returned to your employer because of an incorrect or incomplete address. Employers usually need to spend much more time training W-2 employees than just hiring a 1099 contractor. ToastNeo1. See Notice 2023-10. utility costs for your workspace. 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. Consider the tax write-offs you can take. • 3 yr. You ARE either an employee or a contractor)The W9 is just information about you the player. Now let’s take a look. Think of it like your weekly paycheck. 5. Your employer will pay some or all of your. A simple tax return is one that's filed using IRS Form 1040 only, without having to attach any forms or schedules. Gambling facilities are required to document your winnings with a Form W-2G under certain circumstances: $1,200 or more in winnings from bingo or slot machines. garynk87 • 8 mo. Usually, when the project is done or the contracting services are no longer needed, the. Best. If you get a file titled “null” after you click the 1099-G button, click on that file. Some benefits of having W-2 workers include: : You have more. I understand that W2 is employed. 1099 workers differ mainly because the former. W2 employees receive a regular paycheck from their employer, usually on a biweekly or monthly basis. W2 pays a lot of the 1099 taxes. With this method, you keep track of how many miles you actually drive for work. This is only seasonal, about 3 months out of the year, but they can make upwards of $600-$800 per day if they install enough. W2 vs 1099 comparison. So if they offer you the same nominal rate of pay, you're 6. Are NFL players w2 or 1099? maintains the licensing contracts for NFL trading cards, video games and selected other items. You will also have to pay your own workers compensation insurance. "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. S. If you are considering growing your team, you may wonder if you should hire a W2 employee or a 1099 contractor. The Ascent takes a closer look at this for employees and small business owners. 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. More commitment. If you want to make a career of it, you get much better benefits after 65 (almost double social security) plus much more to write off during tax season, so get a good CPA. 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. While you may not have set working hours, you often have greater flexibility for making your own schedule. W2 employee so you can keep your business in the clear. Television. Select "Employee compensation that was not reported on a W-2. When you start working for someone you either give them a W4 (employee) or a W9 (contractor/vendor) to indicate your tax information. Even if part or all of your dividend was garnisheed, the entire. RedSunFox • 8 mo. This is a PDF file under Tax Items. W2 vs. Whether the employer must issue a W-2 or a 1099-NEC. The 1099s were accepted and the W-2 rejected with the note to upload all W-2/1099s for [NAME] 2018 tax return. . 95 more doing 1099 work than W-2 work. 3% in self-employment tax vs. A statutory nonemployee. We calculated the federal, state and local taxes for the two highest-paid players on every NFL team. Are NFL players w2 or 1099? These additional wage amounts are paid after the end of the season. Collect all tax documents including year end paystub, W2, duty days, 1099s. If you never got one, contact your sportsbook or casino. Once a professional athlete has signed a contract with the team, financial planning, income tax. Look it up. This is a free filing method that allows you to electronically file your 1099-NEC Form, as well as apply for extensions, make amendments, and more. This includes my truck, mower, etc. Pros Consistent, reliable salary. $50 for each misclassified W-2 form. maintains the licensing contracts for NFL trading cards, video games and selected other items. Health/vision/dental insurance may be subsidized. See Schedule SE (Form 1040), specifically lines 8-9. Rellenar la forma 1099-MISC es mucho más sencillo que llenar el formulario W-2, porque no tienen que. 65% (i. , self-employed) receive a 1099 from. “The new tax laws dramatically change baseball players. Usually you can make ur "effective" tax rate around 10-15% as a percentage of ur total 1099 income. Employers and workers fill out and file forms W-2 and 1099 in different ways. Quality benefits attract and retain high performers as well as increase morale. Confirm all 1099 income from marketing/endorsement deals. 1099 also ends up with the worker paying the employer half of fica. They may offer a retirement match (3-10%). Getting Ready for Football. W2 workers can confuse a lot. #1. The company can cut back your. Instead of the W-2 tax form internal employees receive, contractors and freelancers receive a 1099-NEC statement that reports only their income. The reason is that the type of value you need is more about your long term compensation. Similarly, are NFL 1099s and W-2s are tax forms. 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). Annual expenses : 200k. As a W-2 employee, payroll taxes are automatically deducted from your paycheck and then paid to the government through your employer. For instance, if you borrowed $100,000 and defaulted on your mortgage after repaying only $80,000, there would be a remaining balance of $20,000. Your 1099 paycheck should be A LOT bigger. 9 million for the 2013-14 season. Been both places. 65% for you and 7. W2 employees have a full-time job with the company, and benefits often come with that position. Even if the Chiefs win the Super Bowl, Mathieu's total postseason pay would be less than 40% of what he sees on his weekly paystub. It gives a comprehensive overview. Since you’re now self-employed, your income will be subject to the self-employment tax. 45 million for the 2013-14 season, as well as this year at $23. Professional League 2. A 1099 contractor is not subject to the control and direction of their client. Form 4852 is a substitute for Form W-2 that taxpayers can complete if: They haven't received a W-2. are going to incur Federal taxes of around 40 cents per dollar of ordinary income. We know you have more questions, so let’s dive in a little deeper. Option #1: The simplest/longest route is a detailed response explaining the situation, the incorrectness of the 1099, the reaction from the issuer, and consider adding the "penalty of perjury" statemen to the response for your client to sign. The biggest distinction between a W-2 employee and 1099 worker is the amount of control you have over them. Hi r/Tax ! Like title says, I'm a "current" W2 employee thinking of changing to 1099 (which I can do at any time). 41 votes, 59 comments. It is still very early. You should not do 1099. The form reports the interest income you received, any federal income taxes. Are Our Employees 1099 or W2? Hi guys and welcome back to the channel. Independent Contractors (i. The NFL does not withhold employment taxes from its owners. You can’t just pick one or the other. Mayweather takes the prize as the highest-earning athlete in 2015, grossing some $300 million, but he'll probably be the biggest taxpayer, as well. $5,738) to be better off. ). : Players Inc. W2 employees have a full-time job with the company, and benefits often come with that position. Seriously, don't you have something better to do than giving the NFL higher ratings–over paid players and a satanic 1/2 time. This is a 49% increase in compensation. (The IRS wanted to do. rent for classroom or teaching space. 10. Our tax software supports the W-2 and 1099 forms that you will need for your employees and makes it easy to upload those documents and keep them secure. You could also convert the 1099 wage to its W2 equivalent by subracting that 6. Our analysis also. Bookmark Icon. You also have to pay quarterly income taxes as a 1099 since your employer won't be withholding any taxes for you. Royalty checks are paid in September or October, and are reported to the player on Form 1099. )1099 Compared to W2: Summary. A tax provision that came into effect last year deprives professional athletes and entertainers working as W-2 employees (as opposed to self-employed individuals filing a Schedule K-1 or Form 1099. Most sportsbooks and casinos will begin withholding federal taxes from your winnings on payouts of $5,000 or more. Sep 27, 2023. ago. Depending on the amount of the dividend, your child’s dividend may be taxable. The self-employed pay twice as much Social Security and Medicare (FICA) taxes, because employers normally pay half. Most sportsbooks and casinos will begin withholding federal taxes from your winnings on payouts of $5,000 or more. An independent contractor. W2 and 1099 transcripts are available from the IRS online for the past 10 tax years (current tax year plus nine prior years). C. e. The AFC South is the most tax-friendly NFL division. The 2017 tax overhaul brought significant changes to taxpayer returns, and the players of Major League Baseball were certainly not exempt. Reporting Taxes Withheld. 2% on the first $106,800 of wages paid ($6,621 maximum). Taxes are not usually withheld by the payer for 1099 forms. As a freelancer, you're responsible for estimating your taxes and paying the self-employment tax in. They pay. The W-2 employee then uses this information to complete their yearly taxes. 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. Just fill out the W9 and worry about the 1099 if you won too much (good problem to have). Should my employees be W2 or 1099? I started a seasonal business last year, and my employees get paid per foot for install of the product. On the other hand with 1099 you make your. I've read some places that severance pay should be on a w2. At only $4k difference, it's a no brainer to go with W2. MLB players file 20 to 25. Only pros are health insurance and retirement plans which you’ll pay out a ton for both but you would get a tax return. a contractor will fill out a W-9 form. 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. Interest or dividends (1099-INT/1099-DIV) that don’t require filing a Schedule B. W-2 Employees. It is probably not legal for you to be 1099. Capital gains tax rate. iconoclast63 • Retired Dealership Finance Director • 9 mo. 5 million. When Keeper’s calculator compares how much of your pay will go towards taxes as a W-2 or 1099 worker, the 1099 income it shows you is your gross income. In addition, some employees can feel trapped by this rigid work schedule. I would base this decision on how much health insurance costs and how much vacation you'd get as an employee (w2). Royalty checks are paid in September or October, and are reported to the player on Form 1099. Each type is used to report a different kind of payment or transaction, including income earned as an independent contractor. 3% but applies to your net business income, not the gross income showing on your 1099. Benefits: As a contractor, you won’t get employee benefits like healthcare, retirement savings accounts, and employee discounts. 1099 vs W2, help understanding taxes . 2% better off with the W-2. If the pay from being a contractor (1099) minus the cost of health insurance, minus the X weeks of salary for vacation is noticeably greater than the pay from being an employee (w2), then do that. 1099: Employee differences . La forma 1099 no retiene impuesto, por lo que el pago percibido es mucho mayor al de un W2. The self-employed pay twice as much Social Security and Medicare (FICA) taxes, because employers normally pay half. 14 Replies VolvoGirl. 1099 contractors rarely do. W2G automated tax forms are available for members playing at the High Limit Slots in Caesars Palace. An NBA player visits 21 states during a season. As a 1099 independent contractor, you are self-employed and unable to access the benefits your agency offers regular employees. " Ignore the note that says not to enter compensation for which you will receive a 1099. Since it was a part of your employment, though, I think it most likely ought to be reported on Form W-2; better yet it might have been better handled if Employer B had paid you the bonus from funds Employer A paid them, but. Note: Prior to tax year 2020, this information was reported on Form 1099-MISC with Box 7 checked. 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. Form 1099-MISC is different from Form W-2, which reports salary or hourly wages. It is based on circumstances and facts of the matter. For example, if you’re working with a tax professional, they’ll want you to scan your W2 form. W-2 forms must be received via mail or electronic filing on or before January 31 of the following year to the SSA. As u/buckybadger26 said, they have until January 31st to get the forms to you and the IRS. A gaming facility is required to report your winnings on a W-2G when: Horse race winnings of $600 or more (if the win pays at least 300 times the wager amount) Bingo or slot machine winnings are $1,200 or more. Small business taxes. According to the IRS, the following trigger an automatic reporting on a W-2G: * A keno win of $1500 or more; * A slot machine, video poker, or bingo win of $1200 or more (if you ever see a machine with an $1199 payout, now you know why); * A poker tournament win (after subtracting the buy-in) of $5000 or more; * Any bet with. Independent contractors receive 1099 forms rather than W-2s as a record of income earned. W2 vs. W-2 employees receive a W-2 form from their employer, which summarizes their total wages and tax withholding for the previous year. e. This means that our software tools are great options for users with multiple businesses, or perhaps accountants who oversee multiple entities. W2 employees only pay 50% of these two taxes - the employer pays the other 50%. About form 1099-NEC. 1099-MISC is Reportable Accumulative Promotional Winnings of $600 or moreDefinition and Examples of Form 1099. If your settlement included back pay, your answer should be yes. Therefore, after your loss deductions are made, the remaining winnings will be taxed. The names “W2 employee” and “1099 worker” come from their respective tax forms. RECOMMENDED RESORUCES FOR YO. A 1099-MISC is used to report payments made to independent contractors (who cover their own employment taxes). Learn the difference between a 1099 vs. 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. 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. That provides all the salaries and compensation you receive and covers all the taxes. The goal would be to not work for a corporate mortgage broker company, and also be able to work as an independent contractor with a 1099. ToastNeo1. gov. The classifiers 1099 and W2 refer to the end-of-year tax forms you get for each type of employment. For a W2 employee, the employer controls every aspect of their day-to-day job. 6% on income over $413,200, amounting to tax due from Mayweather of about $120 million, barring any tax deductions he could claim. Your business will use a W2 form for employees. The amount reported as wages should be reasonable. According to the IRS, there may be times when a person works as both a self-employed and an employee for the same company. 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. The Difference Between a 1099 and W-2 Employee. NBA Average Salary: $4. e. This comes out to $73,164. An employee (common-law employee) A statutory employee. When you have logged in, click on your name in the top right and go to “My Account” from the drop-down options. Most contractors are hired “at will,” meaning it’s at the behest of the employer whether or not they stay on the job. Then, they’ll take care of submitting the information for you. We compared the 1099 vs W-2 forms, so you can quickly determine which you need to use and when to use it. So really you need to make up that 7. A statutory nonemployee. The only exception I'd accept is if it's your brother's truck you're driving he has his own truck, and you both are working towards growing a business. The first step to correctly classifying your employees is to understand the difference between a regular employee (W2) and a contract employee (1099). . If you answered “Yes” to at least one of the questions above, you might consider a 1099 position. YOU ARE AN EMPLOYEE AND SHOULD RECIEVE A W2. facilitates the marketing of players as personalities as well as professional athletes. 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. The key distinction is that W-2 workers have taxes withheld from their paychecks, while 1099 workers do not. More commitment. Once you’ve been given your W2 form, you can work on filing your taxes. My 1099 I make about $7500 a month and my accountant said I only need to set aside roughly $750 per paycheck for the 1099. Filing W2 and 1099 From Different Employers. 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. I've been reading up on the…If you are on a 1099, you have to pay self-employment tax, while on a W-2 you do not. If you're a 1099, you pay the full 12. For those who thrive in team environments and enjoy the social aspects of work, switching from a 1099 status can be a positive move. Since leaving the employer, I've yet to receive either a W-2 or a 1099-NEC. 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. The pay was a little above my hourly rate at a W-2 gig I also had at that time. Similarly, if you paid independent contractors in 2022, you must provide Form 1099-NEC to the payee and to the IRS by January 31, 2023. Have done so most of the time in my case. You do not pay any Social Security tax on your self-employment income if you already earn wages in excess of the wage base limit. 1099 employees are frequently referred to as self-employed workers or freelancers. Form 1099 is a type of tax form that records payments received that don't come from salary or wages. . As a 1099 making 200k a year, you’ll be able to. e. Many players in the league fall into this category. All you need to know to get ready for the 2023-2024 NFL and College Football Season!You will need your Social Security number or tax ID number, dependent information (if applicable), the forms that document your sources of income (W-2, 1099, 1099-K, 1040, etc. For example, if a bettor had $10,000 in sports betting winnings in 2021, and $8,000 in losses, he could deduct. Select "Employee compensation that was not reported on a W-2. We calculated the federal, state and local taxes for the two highest-paid players on every NFL team. 1099 workers, on the other hand, are usually paid on a project or task basis, with payment. About W2 and 1099-NEC forms. All AMS tools include easy set-up and a menu-driven, user-friendly. Let’s take a look at Naomi’s results. : Players Inc. It is effectively impossible with a Form W-2. If you win money betting on sports from sites like DraftKings, FanDuel, or Bovada, it is also taxable income. Bookmark Icon. Form W-2 vs. Therefore, having 1099 contractors is usually ideal for the nurse practitioner business owner, but you need to be careful…. I am sure you are aware that an 'employer' paying you as a 1099 is just to avoid taxes and certain responsibilities such as workers compensation. File back taxes. Organizers typically calculate players' net profits using a formula. Treasury Department. W2 vs W9 vs 1099 Contractors: Tax Rates. Step 4: File Form 4852 with your tax return. If you are selected for a W-2 role, you may be. As a general rule there are more tax advantages as a 1099. All things being equal, you will always make more money as a straight commission sales rep than a W2 sales rep if you make the same number of sales. He will have workers that he is in 100% control of. 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. Taxes. Social and Collaborative Work Environment. W2 employees are on your payroll, and you withhold FICA taxes from their pay. The average salary of an NFL player is $724,000 per season. 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. I asked for a w2, but they gave me a 1099 which forces me to pay all the 15% payroll taxes myself. Bonuses from banks or manufacturers and independent dealers use 1099s. Two of these are 1040, U. Form W-2 vs. Our W-2/1099 software supports up to 1,999 payers and up to 99,999 recipients per payer. So checking with this group, if you have any pros/cons in going with W2 vs 1099. They will get a W-2 in January. Awkwrd_Lemur.