THERE ARE A NUMBER OF BENEFITS TO THE CONTRACTINGparty of classifying a worker as an independent contractor, including no medical insurance costs, no need to pay retirement benefits and recordkeeping and other administrative cost savings. However, if the IRS later reclassifies a contractor as an e...
2. There Are A Number Of Benefits To The Contracting party of classifying a worker as an independent contractor, including no medical insurance costs, no need to pay retirement benefits and recordkeeping and other administrative cost savings. However, if the IRS later reclassifies a contractor as...
As an independent contractor, you work for yourself, which means you’re responsible for paying your own Social Security and Medicare taxes. You’re also required to pay for any employment benefits you’d like, including ones an employer would normally contribute to, such as health insurance and...
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A big consideration is the contribution of the company towards unemployment- and medical insurance of employees, which is not applicable to independent contractors. The employer must confirm though that the contractor has insurance in place. There is no minimum wage nor overtime payable as governed ...
independent contractorAlso found in: Dictionary, Medical, Financial, Acronyms, Encyclopedia, Wikipedia. Independent Contractor A person who contracts to do work for another person according to his or her own processes and methods; the contractor is not subject to another's control except for what ...
I was hesitant, even a bit nervous, about being an independent contractor (IC) as I’d have to handle my own health insurance, retirement and taxes. Now that I’m an IC, I prefer it. I control my paychecks, setting aside monies for taxes in a...
This article focuses on rulings given by courts in cases related to worker's compensation and employee health insurance issues. The 6th U.S. Circuit Court of Appeals ruled that a full-time worker who was ...
Additionally, you may be entitled to other benefits as an employee that you are not entitled to if your employer classifies you as an independent contractor, such as the option of receiving medical insurance or unemployment benefits. If you believe that your employer has misclassified you,reach ...
Non-Eligibility for Benefits:This section should state that the independent contractor is aware that they are not eligible for or entitled to pension/retirement benefits, health insurance, vacation/holiday pay, sick pay, or other benefits generally provided to an employee. ...