Can we pay someone on honorarium for teaching a class at out homeschool co-op? Will it constitute an independent contractor with all the tax implications?
Honorariums are considered income to the recipient. Your organization will have to give the teacher a form 1099MISC if you paid him or her $600 or more in a year. A copy of the 1099MISC form is also filed with the IRS. If you pay him or her less than $600, there nothing for your organization to report. The recipient is still supposed to report the honorarium income on his or her 1040 tax return as Misc Income.
Related Questions
- Can we pay someone on honorarium for teaching a class at out homeschool co-op? Will it constitute an independent contractor with all the tax implications?
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