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1099 vs W-2 Employee Comparison Here’s how both W-2 and 1099 employees are treated by employers in regards to taxes, benefits, and the type of work each performs. W-2 Employee
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 ...
The most important of these is the W2—a wage and tax statement from your employers—but there’s also an alphabet soup of 1099 forms to watch out for. Maybe you received Form 1099-DIV? That ...
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 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]
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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