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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 ...
Learn about the top tax write-offs for 2016, from student loan deductions to gambling deductions -- and even safety deposit box rentals.
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The distinction is that while a write-off is generally completely removed from the balance sheet, a write-down leaves the asset with a lower value. [4] As an example, one of the consequences of the 2007 subprime crisis for financial institutions was a revaluation under mark-to-market rules: "Washington Mutual will write down by $150 million the ...
In 2022, the U.S. Department of Labor released a proposal to revise the Department’s guidance on how to determine who is an employee or independent contractor under the Fair Labor Standards Act (FLSA). The proposed rule would make it easier for gig workers/independent contractors to gain full employee status. [75]
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The Worker Adjustment and Retraining Notification Act of 1988 (the "WARN Act") is a U.S. labor law that protects employees, their families, and communities by requiring most employers with 100 or more employees to provide notification 60 calendar days in advance of planned closings and mass layoffs of employees. [1]