Should I report expense reimbursements as income?
In my work contract, I am called an independent contractor. No taxes are taken out of my pay. Am I considered self-employed? That is, do I have to file quarterly estimated self-employment taxes as if I were a small business? To add to the confusion, the company also reimburses me for my expenses, such as phone bills and supplies. When I receive my Form 1099 at the end of the year, should I then subtract the reimbursed expenses, and report only the wage portion as my income?