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An independent contractor is someone who works for a business or company but is not an employee. The IRS uses three categories of evidence to determine if someone is an independent contractor or ...
For instance, in an effort to save on taxes, some independent contractors form an LLC and take the S-corporation option. This business entity is one in which you hire yourself through the business ...
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 ...
In 2022, the U.S. Department of Labor released a proposal to revise the Department’s guidance on how to determine who is an employee or independent contractor under the Fair Labor Standards Act (FLSA). The proposed rule would make it easier for gig workers/independent contractors to gain full employee status. [75]
A lot of workers that fulfill gigs are often hired as independent contractors. To categorize a worker as an independent contractor rather than an employee, an independent contractor must agree with the client on what the finished work product will be and then the contractor controls the means and manner of achieving the desired outcome.
The left-leaning Economic Policy Institute in a report last year estimated that a truck driver treated as a contractor earns up to $18,000 less per year than one who is deemed an employee, while ...