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Key Tax Forms for Independent Contractors. Like most employees, the taxes for an independent contractor are typically due on April 15 of each year. The independent contractor files a Form 1040 ...
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 ...
Form 1099-NEC replaces 1099-MISC as the form used to report independent contractor income. If you paid an independent contract $600 or more, you’ll need to file one. And if you earned $600 or ...
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 ...
The ubiquity of the form has also led to use of the phrase "1099 workers" or "the 1099 economy" to refer to the independent contractors themselves. [ 3 ] In 2011 the requirement was extended by the Small Business Jobs Act of 2010 to payments made by persons who receive income from rental property.
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.
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