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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 ...
The independent contractor files a Form 1040, just like an employee. However, there is a significant difference in how income is reported for contractors. However, there is a significant ...
Hiring a W-2 employee vs. a 1099 independent contractor. Employees and freelancers can benefit your business in different ways — let's review the advantages and disadvantages of both types of ...
Employers must report the incomes of employees and independent contractors using the IRS forms W-2 and 1099, respectively.Employers pay various taxes (i.e. Social Security and Medicare taxes, unemployment taxes, etc.) on the wages of a worker that is classified as an employee.
Before 2004, Dynamex classified all of its California drivers as employees and compensated them in accordance with California’s wage and hour laws. [4] But starting in 2004, the company chose to classify all of its drivers as independent contractors in order to achieve cost savings associated with avoiding the obligations that those laws ...
The California Supreme Court ruled Thursday that app-based ride-hailing and delivery services like Uber and Lyft can continue treating their drivers as independent contractors rather than employees.
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