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- Title
Independent Contractor or Employee?
- Authors
Gardner, Randy; Daff, Leslie; Welch, Julie
- Abstract
The article looks at legal and financial issues related to the distinction between employees and independent contractors in the U.S., as of 2013. It notes that the use of independent contractors is rising and says that the role offers both advantages and disadvantages. It outlines tax considerations related to working as an independent contractor, including the self-employment tax, the possible requirement to pay estimated taxes, and the higher probability of being audited by the U.S. Internal Revenue Service (IRS). It lists and explains the factors used by the IRS in its determination of whether a worker is an employee or an independent contractor, noting the determination is not based merely on the classification made by the employer or by the worker.
- Subjects
UNITED States; LEGAL status of independent contractors; INDEPENDENT contractors; EMPLOYERS; FREELANCERS; SELF-employment tax (Social Security); ESTIMATED taxes; LABOR laws; TAX auditing; UNITED States. Internal Revenue Service; TAXATION
- Publication
Journal of Financial Planning, 2013, Vol 26, Issue 2, p31
- ISSN
1040-3981
- Publication type
Article