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James Patterson

Former Operations Manager at DoorDash
Updated: January 18, 2026
Taxes

1099-NEC

In This Article

Definition

Tax form for non-employee compensation of $600 or more, replacing Box 7 of the old 1099-MISC for contractor payments.

Related Terms

Independent Contractor
Self-employed worker who provides services to clients without being an employee, responsible for their own taxes and benefits.
1099 Form
IRS tax form reporting income paid to non-employees, commonly 1099-NEC for contractor pay or 1099-K for payment platforms.
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FAQs

When do I receive this?

If a client paid you $600+ directly.

Similar Terms

1099 Form

IRS tax form reporting income paid to non-employees, commonly 1099-NEC for contractor pay or 1099-K for payment platforms.

1099-K

Tax form reporting payments from payment networks like PayPal or gig platforms when exceeding annual thresholds.

Self-Employment Tax

Social Security and Medicare taxes for self-employed individuals, totaling 15.3% on net earnings.

Schedule C

IRS form for reporting income and expenses from sole proprietorship or self-employment on your personal tax return.
Fact-Checked Expert Reviewed Regularly Updated
Last updated: January 18, 2026
Reviewed by GigFinance Team, Gig Economy & Finance Experts
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Important Disclaimer: This content is for informational purposes only and should not be considered tax, legal, or financial advice. Consult a qualified professional (CPA, tax attorney, or financial advisor) for advice specific to your situation.