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The distinction between independent contractor and employee is an important one in the United States, as the costs for business owners to maintain employees are significantly higher than the costs associated with hiring independent contractors, due to federal and state requirements for employers to pay FICA (Social Security and Medicare taxes) and unemployment taxes on received income for ...
[clarification needed] Employees are entitled to workers' compensation for job-related injuries and employers must pay into social security, Medicare, and unemployment insurance for their employees. [5] No benefits or employer tax payments are available to contractors, who must pay for their own benefits and unemployment taxes. [6]
Benefits consist of retirement plans, health insurance, life insurance, disability insurance, vacation, employee stock ownership plans, etc. Compensation can be fixed and/or variable, and is often both. Variable pay is based on the performance of the employee. Commissions, incentives, and bonuses are forms of variable pay. [2]
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Self-funded health care, also known as Administrative Services Only (ASO), is a self insurance arrangement in the United States whereby an employer provides health or disability benefits to employees using the company's own funds. [1]
In economics, alternative employment arrangements are categorized in four types of alternative employment arrangements: independent contractors, on-call workers, temporary help agency workers, and workers provided by contract firms. [1]
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