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Common Glossary

Common Glossary

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Published by Chandru Vn

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Published by: Chandru Vn on Feb 08, 2012
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02/08/2012

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A 1099 classification scheme used in the United States for types of payments. Each 1099
form has one or more payment types. A 1099 supplier may receive payments from more
than one type. The 1099-MISC form has the following types: rents, royalties, prizes and
awards, federal income tax withheld, fishing boat proceeds, medical and health care
payments, non-employee compensation, and substitute payments in lieu of dividends or
interest.
Oracle Applications records 1099 payments by type so that you can report them
according to IRS requirements.

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