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Posted on 4/27/15 at 10:56 pm
Posted on 4/27/15 at 10:56 pm
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This post was edited on 5/2/15 at 12:55 am
Posted on 4/27/15 at 11:56 pm to UFownstSECsince1950
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.
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 on 4/28/15 at 8:45 am to UFownstSECsince1950
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.
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 on 4/28/15 at 9:26 am to UFownstSECsince1950
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?
(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?
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