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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.
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 ...
Time and materials (T&M) is a standard phrase in a contract for construction, product development, or any other piece of work in which the employer agrees to pay the contractor based upon the time spent by the contractor's employees and the subcontractors' employees to perform the work, and for materials used in the construction, plus the contractor's markup on the materials used, no matter ...
[10] [12] The clause should also include a requirement for the contractor or subcontractor to submit to the recipient weekly (e.g., for each week in which any contract work is performed) a copy of the construction payroll accompanied by statement of compliance. This report is commonly referred to as "certified payrolls", and is often done using ...
Statutory employees are also permitted to deduct work-related expenses on IRS Schedule C instead of Schedule A in the United States tax system. As a result, they are allowed a greater tax deduction for business expenses than standard employees, as Schedule C expenses are not subject to the 2% adjusted gross income threshold as seen with ...
Under an EPC contract, a contractor is obliged to deliver a complete facility to a developer who needs only "turn a key" to start operating the facility; hence EPC contracts are sometimes called turnkey construction contracts.
50 Divisions refers to the 50 divisions of construction information, as defined by the Construction Specifications Institute (CSI)'s MasterFormat beginning in 2004 ...
The CxP may be a subcontractor (or employee) of the building owner, architect, or design engineer. It is recommended that the CxP be contracted early in the project planning stages included in pre-design and design charrettes , and maintained throughout the design, construction, and final acceptance of the project at a minimum.
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