NEED INFO ASAP! !! what is a "k 1" ?

I've been driving for about 7 years recently applied to a new company, they don't withhold taxes or do 1099 , instead they do a k-1 at the end of the year I've never ran into this before. Any help greatly appreciated. I live in massachusetts and there based out of new jersey if that makes a difference.

 

Umm isn't that for a visa?

 

http://www.investopedia.com/ask/answers/09/k-1-tax-form.asp

 

I honestly have no idea I've read it could be for a visa, a estate, llc , I'm confused haha. I don't want to take the position and screw myself by not being informed.

 

Skooter I found that piece of information already but I'm still unsure have you ever dealt with a situation like this?

 

Nope, never have, only thing I can think is they are labeling you a partner so that you pay part of their tax's also since all income would be essentially "split evenly". I could be completely wrong also, but that is what it seems to me

 

That's what I got from reading what I could find also not sure if I would "split" the portion of what business I did with them or of there company as a whole lol significant difference.

 

Hopefully someone with little more knowledge can help out more, but I don't see the k-1 as being of any benefit to you whatsoever

 

I'd be doing roughly $1400-$1800 a week and I don't want to get into anything that I'm not sure of but I do have to make a decision as of tomorrow.

 

heres a thought, ask them exactly how it works.