Started By
Message

Bank account recs

Posted on 4/27/15 at 10:56 pm
Posted by UFownstSECsince1950
Member since Dec 2009
32610 posts
Posted on 4/27/15 at 10:56 pm
(no message)
This post was edited on 5/2/15 at 12:55 am
Posted by Boh
Baton Rouge
Member since Oct 2009
12357 posts
Posted on 4/27/15 at 11:56 pm to
LINK

This may be helpful from the IRS. When in doubt, I'd recommend you hire all employees and withhold their taxes + pay the 7.65% freight in employer SS/Medicare. If you have a tax advisor, they'd probably tell you the same thing.

If you are going to classify as independent contractors, do your homework in what the IRS looks for in the event of a payroll audit.
Posted by Poodlebrain
Way Right of Rex
Member since Jan 2004
19860 posts
Posted on 4/28/15 at 8:45 am to
You had best consider them employees. What happens if one of the workers gets injured on the job? Do you want your insurance to have to cover that person's entire damages, or would you like to limit their claim to workers' compensation coverage? If one of your hired help complains that he was an employee rather than an independent contractor, and it is determined that he was an employee, who do you think will be on the hook for all of the unpaid payroll taxes and penalties for failure to withhold properly?

Pretending workers are independent contractors can save a little money in the short run, but it can be seriously more expensive in the long run if it is determined that your workers were misclassified. The civil fines for misclassifying workers can be up to $25,000 per event.
Posted by LSUFanHouston
NOLA
Member since Jul 2009
37171 posts
Posted on 4/28/15 at 9:26 am to
If you have to ask... they should be classed as employees.

(Note: The vast majority of ICs really should be employees, and if the IRS ever got really serious about it, they could have a field day).

Think of it this way: an independent contractor is someone who is in business for themselves, who provide services to customers. Do you really think some teenagers or college kids are in business for themselves?
first pageprev pagePage 1 of 1Next pagelast page
refresh

Back to top
logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram