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Small business owners, independent contractors and gig workers soon will be getting 1099-K tax forms if they used any payment platform on which they had at least $5,000 in business transactions in ...
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 ...
I've worked as a freelance writer on and off for nearly 20 years, and it's been my full-time job since 2019. Here's what I've learned about some of the most common freelancing myths along the way.
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 ...
For a variety of reasons some Form 1099 reports may include amounts that are not actually taxable to the payee. A typical example is Form 1099-S for reporting proceeds (not gain) from real estate transactions. The Form 1099-S preparer will report the sales proceeds without regard to the amount of the taxpayer's "basis" in the real estate sold.
Younger generations are exploring freelance opportunities more than their older counterparts — and that bodes well for the future of freelancing. About 43% of all Gen Z professionals and 46% of ...
Much computer freelance work is being outsourced to developing countries outside the United States and Europe. International freelancers use their skills in English to enable greater pay and flexibility in their work. [28] Freelance marketplaces provide a marketplace for freelancers and buyers. Service providers or sellers create a profile ...
(1) a work prepared by an employee within the scope of his or her employment; or (2) a work specially ordered or commissioned for use as a contribution to a collective work, as a part of a motion picture or other audiovisual work, as a translation, as a supplementary work, as a compilation, as an instructional text, as a test, as answer ...
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