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Myself and couple of friends formed a band recently and played a gig at a local college. They wouldn't pay us until we gave them a Social Security or TAX ID number. I gave my SS #. What does this mean, and how will it affect me? Will everyone who books my band ask for this ? If it is taxable income to me, do we need to create a company or something ?

They are right. They requires tax id of the receipts for the accounting and reporting purposes. Since you gave your ss#, the amount you received is taxable to you. You may be able to talk this to your friends and come up with a plan to consider tax while distributing the honorarium you got from college.

It is more beneficial for you and your band to register it and get a federal and state tax id.