Additional amounts may include overtime pay or incentives. Did You Know? As an employer, you do not have tax liabilities when working with independent contractors or freelancers. Contract workers are required to pay their own taxes on a quarterly or annual basis. Paid time off (PTO) Keeping ...
Most freelancers or 1099 contractors must make estimated quarterly tax deposits if they expect to owe $1,000 or more in taxes. Estimated tax payments include all employment taxes, such as Social Security. The quarterly tax payment deadlines fall on April 30th, July 31st, October 31st, and Janu...
A salaried employee's annual pay must be converted to an hourly rate in order to calculate overtime for any hours worked over 40 in a week. a. True b. False The sales and use tax is a tax paid to a governing body by a seller based on employee...
Al Capone famously went to jail for tax evasion and you could go to jail too if you don’t pay your taxes. Anyone who has not paid federal income tax or Social Security taxes to the IRS may be assessed a penalty of up to 100% of the amount not paid. This penalty can apply to th...