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In the U.S., it can occur with respect to tax treatment or the Fair Labor Standards Act. The U.S. Government Accountability Office (GAO) reports that the IRS claims to lose millions of dollars in uncollected payroll, social security, Medicare and unemployment insurance taxes because of misclassification of independent contractors by taxpayers. [1]
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 ...
Construction of the Pentagon, 1942.. The Miller Act (ch. 642, Sec. 1-3, 49 stat. 793,794, codified as amended in Title 40 of the United States Code) [1] requires prime contractors on some government construction contracts to post bonds guaranteeing both the performance of their contractual duties and the payment of their subcontractors and material suppliers.
Tax bonds, which assure that a business owner will comply with laws relating to the remittance of sales or other taxes. [citation needed] Reclamation and environmental protection bonds; Broker's bonds, including insurance, mortgage, and title agency bonds; ERISA (Employee Retirement Income Security Act) bonds; Motor vehicle dealer bonds ...
In May 1866, Samuel Paul, a resident of the Commonwealth of Virginia, was appointed the agent of the New York insurance companies, to carry on the general business of insurance against fire. He then applied for a license to act as such agent within the state, offering at the time to comply with all the requirements of the statute with the ...
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money , intended to secure a futures contract , commonly known as margin .
Insurance fraud: If at any point a policyholder is found to have caused intentional damage in order to submit a fraudulent claim or takes any action that goes against the insurance policy contract ...
Some contractors appoint subcontractors to work under a "pay when paid" clause, sometimes called a "pay if paid" clause, where the general contractor will work with subcontractors and the subcontractors are only paid if and when the general contractor is paid for the work. [6] An example clause from a construction context reads: