Are Insurance Agents Employees or Independent Contractors?(Case overview)Hassett, Lewis
thecontractorsisrequiredtoprovidewarrantyinsurance,risksarefurtherreduced. Contactyourinsurancebrokerabouthowyoucanoffsetfinancialrisksthrough insurance. Whatliabilitiesdoesanowner-builderhave? Ifapropertyownersellstheirhousewithinsixyearsofcompletingworksasanowner- builder,theymustprovidewarrantyinsurancecovertothepurchaser...
However, this also means that they must be knowledgeable in project management, budgeting, and the specific skills required for their field. It is crucial for contractors to maintain a strong network and reputation for quality work and timely completion to secure future projects and maintain steady ...
Insurance As a Prepaid Expense One of the more common forms of prepaid expenses isinsurance, which is usually paid in advance.2This means that the premium you pay is allotted to the upcoming time period. For example, Company ABC pays a $12,000 premium for directors’ and officers’liability...
Find a licensed builder:Lenders will want to know that your chosen builder has the expertise to complete the home. If you have friends who have built their own homes, ask for recommendations. You can also turn to theNAHB’s directory of local home builders’ associationsto find contractors in...
While the government hires independent contractors, such as Lockheed Martin, IBM, Dell, and others, to provide telecommunications, data storage, and other services, the government is in full control of Social Security. Who Decides How Much to Contribute and When?
Furthermore, employees who are self-employed or work as independent contractors may be eligible for additional deductions related to their business. These can include deductions for home office expenses, self-employment taxes, business insurance premiums, and more. Self-employed individuals should consult...
They consist of federal income tax, Federal Insurance Contributions Act (FICA) tax (Medicare and Social Security) and state income tax. To file them correctly, you need to know the work status of your employees.If you hire independent contractors, you usually don’t have to withhold income ...
License bonds are required for contractors to legally operate, and the other types of bonds required, will depend on the types of projects that a contractor takes on. Some jobs, especially public projects, will have more strict bonding requirements, where other jobs may not. How Do You Get ...
There is always room for negotiation, and some contractors may earn enough trust to not need surety, or to reduce the bond amount, but surety is almost always required when a new contractor is used for the first time. 2. Enhanced Credibility: Having a surety bond can enhance the credibili...