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In 2004, MasterFormat was updated and expanded to 50 Divisions. [1] It provides a master list of divisions, and section numbers and titles within each division, to follow in organizing information about a facility's construction requirements and associated activities. [ 2 ]
Misclassifying W-2 employees as 1099 contractors has severe penalties. Learn the biggest difference between the two types of workers. How W-2 Employees Are Taxed Differently Than 1099 Contractors
MasterFormat is a standard for organizing specifications and other written information for commercial and institutional building projects in the U.S. and Canada. [1] Sometimes referred to as the "Dewey Decimal System" of building construction, MasterFormat is a product of the Construction Specifications Institute (CSI) and Construction Specifications Canada (CSC).
In US territories, the W-2 is issued with a two letter territory code, such as W-2GU for Guam. Corrections can be filed using Form W-2c. The use of the form has led to the phrase "W-2 employees" to refer to those who receive Form W-2, in contrast to independent contractors and other "1099 workers" whose income is instead reported on Form 1099. [2]
Division 06 — Wood, Plastics, and Composites; Division 07 — Thermal and Moisture Protection; Division 08 — Openings; Division 09 — Finishes; Division 10 — Specialties; Division 11 — Equipment; Division 12 — Furnishings; Division 13 — Special Construction; Division 14 — Conveying Equipment; Division 15 — Plumbing + HVAC
Form 1099 is also used to report interest (1099-INT), dividends (1099-DIV), sales proceeds (1099-B) and some kinds of miscellaneous income (1099-MISC). Blank 1099 forms and the related instructions can be downloaded from the IRS website. The following table provides information for each variant.
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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 ...