And depending on your type of business, you might need to hire employees, independent contractors, or both to get the job done. But, how much do you really know about independent contractors vs. employees? Can you get away with hiring just independent contractors? Read on to learn what ...
Independent contractorsdo not require an I-9 form (that said, Federal law still prohibits U.S. companies from knowingly working with an independent contractor who isn’t authorized to work in the U.S.) If none of these situations apply to a new hire, it’s safe to assume that youarereq...
Although employees may fill out timecards, they do not submit monthly invoices for payment. ComplyRight’s chart below shows the stark differences between independent contractor and employee classifications. Source: ComplyRight How can you avoid misclassifying independent contractors? Misclassifying independ...
The tax-reporting process is different for employees and independent contractors, so it is important to understand which category you fall under. If you are an employee, you will fill out a W-4 form when you start the job and receive a W-2 later in the year. That W-4 tells your empl...
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Independent contractors who work with companies they are not employed with must often provide that company a W-9. If you do not furnish a W-9 as requested, your client must withhold taxes from your earnings at a tax rate of 24%.
Autonomy: Independent contractors have more control over what they do as well as how and when they work. If you’re unsure whether someone is an employee or a contract worker, consult an employment law attorney or check directly with the IRS to avoid potential issues. ...
Independent contractors are workers hired outside an employment contract. They are consideredfreelance workersand said to be in business for themselves. Because of this, they do not qualify for any of the employee protections under the law. Some independent contractors look like small businesses, ser...
Services procurement focuses on procuring people-based services. Depending on the company, this may include hiring individual contractors, contingent labor, law firms or on-site security services. It may include both direct and indirect procurement. Types...
The formula used to calculate PPP loans was revised to provide more funding for sole proprietors, independent contractors, and self-employed individuals. An additional $1 billion was allocated for these individuals in low- and moderate-income (LMI) areas. ...