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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 ...
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 ...
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 ...
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.
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.
California Superior Court Judge Ethan Schulman issued his ruling on August 10, 2020, stating that Uber and Lyft must treat their drivers as employees under AB-5, as their work in the context of the "ABC test" was not outside the usual course of their business, nor was a "multi-sided platform" as Uber and Lyft had argued but simply ...
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