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Unlike an employee, the independent contractor must pay self-employment tax on income minus deductions. The self-employment tax rate is 12.4% for Social Security and 2.9% for Medicare taxes as a ...
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 ...
In economics, alternative employment arrangements are categorized in four types of alternative employment arrangements: independent contractors, on-call workers, temporary help agency workers, and workers provided by contract firms. See also. Bureau of Labor Statistics; Employment; References
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 ...
Employee No.: Your unique ID number at your place of employment used by payroll managers instead of your full name. Employee Name: Your name. Social Security No.: Your Social Security number ...
Learn how to file taxes as an independent contractor. For premium support please call: 800-290-4726 more ways to reach us
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