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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 ...
Unlike an employee, the independent contractor must pay self-employment tax on income minus deductions. The self-employment tax rate is 12.4% for Social Security and 2.9% for Medicare taxes as a ...
How Do Independent Contractors Avoid Paying Taxes? You can work to minimize the amount you pay in taxes by claiming business expenses on your tax return. These expenses need to be considered ...
Independent contractor status grants workers greater liberty to choose their schedules, hours, mobility, and clientele, whereas the "employee" designation limits these freedoms in exchange for ...
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. These taxes are generally not paid by the employer on the ...
However, in September 2009, the court case of Brown v. J. Kaz, Inc. ruled that independent contractors are regarded as employees for the purpose of discrimination laws if they work for the employer on a regular basis, and said employer directs the time, place, and manner of employment.
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