What is the name of your state? NC
I'm currently a graduate student and for the past several months I've been participating in clinical trials to earn some extra money. I received a form 1099-misc from the drug company with my earnings (3,300) in box 7. I'm using turbo-tax to help with my taxes and it wants me to fill out schedule C as if I own a business. I'm wondering if this is the only way to do this and what do I say is my business? Do I have to register with the city or state and get a business license?
I don't mind paying income tax but I'd rather not pay social-security and medicare also.
Thanks for your help.
I'm currently a graduate student and for the past several months I've been participating in clinical trials to earn some extra money. I received a form 1099-misc from the drug company with my earnings (3,300) in box 7. I'm using turbo-tax to help with my taxes and it wants me to fill out schedule C as if I own a business. I'm wondering if this is the only way to do this and what do I say is my business? Do I have to register with the city or state and get a business license?
I don't mind paying income tax but I'd rather not pay social-security and medicare also.
Thanks for your help.