This presentation explains the distinction between independent contractors and employees and advises employers how to avoid the costly errors of misclassifying employees as contractors.
Many people believe that their employment status is very black and white. But what about this gray area where you aren’t sure if you are an employee or if you are an independent contractor? Don’t worry. Either way, you are still employed. The only difference is whether you are self employed or not.
According to the IRS, Doctors, “dentists, vets, lawyers, accountants, contractors, subcontractors, public stenographers, or auctioneers who are in an independent trade, business, or profession in which they offer their services to the general public are generally independent contractors.”
But what makes these people independent contractors? Aren’t there people with those professions that are considered to be employees? If you have been wondering or fretting about this, fret no more. For a better understanding of what makes someone employed vs. self employed, simply keep reading!
Employee vs. Independent Contractor - How to Differentiate and Avoid Penalties?benefitexpress
This presentation reviews: which factors the IRS uses to determine common law employee status | how does this affect compliance with ACA | what penalties may apply.
20 Factor Test Employee Or Sub Contractordmaaskant
This document gives greater detail on the 20 Factors the IRS and other taxing agencies use during an audit. Much more clear than the IRS publication, but note - not published by the IRS.
ETHICS, LAW AND CORPORATE SOCIAL RESPONSIBILITY -
Malaysian Industrial – Labour Relation, SEXUAL HARASSMENT ISSUE, RETRENCHMENT ISSUE, IMPOSITION ISSUE
This presentation explains the distinction between independent contractors and employees and advises employers how to avoid the costly errors of misclassifying employees as contractors.
Many people believe that their employment status is very black and white. But what about this gray area where you aren’t sure if you are an employee or if you are an independent contractor? Don’t worry. Either way, you are still employed. The only difference is whether you are self employed or not.
According to the IRS, Doctors, “dentists, vets, lawyers, accountants, contractors, subcontractors, public stenographers, or auctioneers who are in an independent trade, business, or profession in which they offer their services to the general public are generally independent contractors.”
But what makes these people independent contractors? Aren’t there people with those professions that are considered to be employees? If you have been wondering or fretting about this, fret no more. For a better understanding of what makes someone employed vs. self employed, simply keep reading!
Employee vs. Independent Contractor - How to Differentiate and Avoid Penalties?benefitexpress
This presentation reviews: which factors the IRS uses to determine common law employee status | how does this affect compliance with ACA | what penalties may apply.
20 Factor Test Employee Or Sub Contractordmaaskant
This document gives greater detail on the 20 Factors the IRS and other taxing agencies use during an audit. Much more clear than the IRS publication, but note - not published by the IRS.
ETHICS, LAW AND CORPORATE SOCIAL RESPONSIBILITY -
Malaysian Industrial – Labour Relation, SEXUAL HARASSMENT ISSUE, RETRENCHMENT ISSUE, IMPOSITION ISSUE
The issue of whether workers should be classified as employees or independent contractors for federal employment tax purposes has been a source of controversy for decades. The saga continues. This article summarizes a recent Tax Court decision on the classification of a manager in the home care industry.
TOPICS
- Changes to rules regarding who is eligible for overtime and opportunities for compliance
- Chicago’s new family & sick leave law ordinance
- New EEOC guidance on reasonable accommodations and when leave must be provided
- Changes in joint employment standards that could make you liable for other companies’ actions
- New wellness program requirements
- The Defend Trade Secrets Act and new "magic language" for employee agreements
- EEOC pay reporting requirements
- and more…
The first part begins with the discussion about “why LCA is silent on overtime compensation, OR, in the alternative, whether employers employing H-1B workers are required to pay overtime compensation” by providing a basic background about the H-1B visas and the Fair Labor Standards Act (FLSA) and its related regulations. Part II of the article explores the question of “why H-1B employees are usually treated as an “exempt employee” under the FLSA”. Finally, Part III will build on the Part II discussion and will also examine the situations involving H-1B employees working in occupation(s) that usually do not require an advanced specialized
This presentation covers how Medicare affects employer health coverage in: Providing opt out amounts | Paying for Medicare for active employees | Electing COBRA
Employers need to be aware that decisions they are making now about the size and make-up of their workforce will affect whether they exceed the 50 employee threshold that triggers the "pay or play" penalty in the Affordable Care Act. This presentation will focus on strategies for avoiding or minimizing exposure to the penalties under the Act.
Managing Dismissal to Avoid RepercussionlegalPadmin
Speech by K.Somasundram, Assistant Secretary from MTUC, given in Labour Law Seminar held by Legal Plus Sdn. Bhd (www.legalplus.com.my) on Apr 10, 2015.
Recorded on June 13, 2013. - This webinar, intended for community workers, presents options for workers who have been fired or laid off. It looks at when an employer can fire an employee, what a worker can do if they are wrongfully dismissed, and what the Courts or the Ministry of Labour look for when dealing with dismissal cases.
Watch an archived recording of this webinar and download copies of presentation materials at
http://yourlegalrights.on.ca/webinar/wrongful-dismissal
Are you classifying your workers correctly? There are times when you must pay someone as an Employee, and times when you can pay them as an Independent Contractor. Learn the differences so you don't run afoul of IRS rules!
GROWTH Business Information Series
A monthly informational series to learn key aspects of business ownership hosted by the HEB Chamber GROWTH Goal Team
Hiring Workers as Employees or Independent Contractors
Presented by:
Susan Looney
Insight HR Strategies
The issue of whether workers should be classified as employees or independent contractors for federal employment tax purposes has been a source of controversy for decades. The saga continues. This article summarizes a recent Tax Court decision on the classification of a manager in the home care industry.
TOPICS
- Changes to rules regarding who is eligible for overtime and opportunities for compliance
- Chicago’s new family & sick leave law ordinance
- New EEOC guidance on reasonable accommodations and when leave must be provided
- Changes in joint employment standards that could make you liable for other companies’ actions
- New wellness program requirements
- The Defend Trade Secrets Act and new "magic language" for employee agreements
- EEOC pay reporting requirements
- and more…
The first part begins with the discussion about “why LCA is silent on overtime compensation, OR, in the alternative, whether employers employing H-1B workers are required to pay overtime compensation” by providing a basic background about the H-1B visas and the Fair Labor Standards Act (FLSA) and its related regulations. Part II of the article explores the question of “why H-1B employees are usually treated as an “exempt employee” under the FLSA”. Finally, Part III will build on the Part II discussion and will also examine the situations involving H-1B employees working in occupation(s) that usually do not require an advanced specialized
This presentation covers how Medicare affects employer health coverage in: Providing opt out amounts | Paying for Medicare for active employees | Electing COBRA
Employers need to be aware that decisions they are making now about the size and make-up of their workforce will affect whether they exceed the 50 employee threshold that triggers the "pay or play" penalty in the Affordable Care Act. This presentation will focus on strategies for avoiding or minimizing exposure to the penalties under the Act.
Managing Dismissal to Avoid RepercussionlegalPadmin
Speech by K.Somasundram, Assistant Secretary from MTUC, given in Labour Law Seminar held by Legal Plus Sdn. Bhd (www.legalplus.com.my) on Apr 10, 2015.
Recorded on June 13, 2013. - This webinar, intended for community workers, presents options for workers who have been fired or laid off. It looks at when an employer can fire an employee, what a worker can do if they are wrongfully dismissed, and what the Courts or the Ministry of Labour look for when dealing with dismissal cases.
Watch an archived recording of this webinar and download copies of presentation materials at
http://yourlegalrights.on.ca/webinar/wrongful-dismissal
Are you classifying your workers correctly? There are times when you must pay someone as an Employee, and times when you can pay them as an Independent Contractor. Learn the differences so you don't run afoul of IRS rules!
GROWTH Business Information Series
A monthly informational series to learn key aspects of business ownership hosted by the HEB Chamber GROWTH Goal Team
Hiring Workers as Employees or Independent Contractors
Presented by:
Susan Looney
Insight HR Strategies
Reply 1 OdellaThe difference between an employee and an indep.docxaudeleypearl
Reply 1
Odella:
The difference between an employee and an independent contractor, is how the employer pays them and how their taxes are paid. An employee is paid by the hour, salary, commission or combination of both. An employee also could get overtime. An employee receive a W-2 form, which shows their yearly income. The reason that they receive a W-2, because their employer withhold federal and state income taxes and FICA taxes, which is social security and medicare.
An independent contractor is provided a 1099, the employer that they do work for does not withheld their federal, state and FICA taxes from the amount the company pay's them. An independent contractor is liable for their own income taxes, which is called self-employment. However, an independent contractor works without the legal amenities that will protect them, but an employee does. For example, wage and hour laws, workers compensation and unemployment benefits.
There have been several cases, that have led to companies being penalized, by the mis-classification of their employees. When an employer mis-classify an employee, they would label he/she as an independent contractor; because this will disable the company in paying taxes on employees. Such as unemployment taxes, unemployment insurance and workers compensation.
When companies mis-classify their employees, will cause an effect on the state and federal government. That is short changing them on their tax revenue by millions of dollars. With mis-classifying employees, this will be a legal and ethical issue. For instance, the reason why companies will mis-classify an employee and an independent contractor is, to save on labor costs. Labor costs is a major portion of the company. overhead.
Mis-classifying workers has a big negative result at the end, for the company. For example, when a company intentionally classify employees as independent contractors; it becomes unethical. This is a fraudulent act toward the state and federal governments.
As a result, the state and federal have taken action to penalize companies, who have been mis-classifying their employees. The IRS have implemented some test in reference to decipher an employee from an independent contractor. The test consist of behavioral control, financial control and type of responsibility.
Fines are generated from the U.S. Department of Labor (DOL), IRS and other state agencies. Some of the fines that companies are responsible for is, back pay on taxes, interest on employees' wages and FICA taxes that were not withheld. Failure to make payments to the government, can produce additional fines.
Reference
Post, J. (2018, September 20). Worker Classification: What You Need to Know about Employee vs. Contractor. Retrieved from https://www.businessnewsdaily.com/770-contract-vs-employees-what-you-need-to-know.html.
Reply 2
Zach:
To safeguard against misclassification of workers, the IRS has compiled a list of 20 factors to help individuals and employers understand th ...
1099 v. W-2 Employees: What to Know and Why It Matters
By Patricia Godfrey of Oasis Outsourcing (www.oasisadvantage.com)
Presented at the April 2012 Lighthouse Speaker Series (http://lighthousegrowthresources.com/speaker_series.html)
www.lighthousegrowthresources.com
www.uncommonwisdomblog.com
White Paper: Complying With Regulations Regarding Temporary Workersss
The use of temporary workers is growing in the United States, now representing 22% of the total workforce. Temporary workers are referred to as freelancers, non-employees, indirect workers, agency contractors, consultants, interns, independent contractors, and many other terms.
Get Income Tax Interview Question Answer | Academy Tax4wealth Academy Tax4wealth
Income tax Interview Questions Answers - If you’re looking for a job in the Income Tax department. This blog will serve as a resource for you to prepare for Income Tax job-related interview questions and answers. Read more!
For more info, visit us at:-
https://academy.tax4wealth.com/blog/income-tax-interview-questions-answers
Get Income Tax Interview Question Answer | Academy Tax4wealth Academy Tax4wealth
Income tax Interview Questions Answers - If you’re looking for a job in the Income Tax department. This blog will serve as a resource for you to prepare for Income Tax job-related interview questions and answers. Read more!
For more info, visit us at:-
https://academy.tax4wealth.com/blog/income-tax-interview-questions-answers
Get Top 30 Income Tax Interview Questions Answers at Academy Tax4wealthAcademy Tax4wealth
Top 30 Income tax Interview Questions Answers - If you’re looking for a job in the Income Tax department. This blog will serve as a resource for you to prepare for Income Tax job-related interview questions and answers. Join Academy Tax4wealth now, because this is the best e- learning platform. Learn more!
For more information, visit us at:-
https://academy.tax4wealth.com/blog/income-tax-interview-questions-answers
https://academy.tax4wealth.com/
The federal government's interpritation of an employee versus a contractor is becoming more stringent. This article by Peter McDonald, CPA of Smith Elliott Kearns & Co., LLC explains several key questions which will help you understand the difference.
An individual who contracts with an entity to perform a service independent of the entity’s management and control is considered to be an Independent Contractor (IC)
Learn about how unemployment insurance works in the state of Utah by the Utah Department of Workforce Services. For more information, please visit http://jobs.utah.gov
New and Proposed Regulations: A timely discussion of recently issued and proposed regulations and their impact on employers, including the FLSA "white collar" exemptions, independent contractor misclassification, and the EEOC's new interpretation of Title VII.
Employee Leaves of Absence: A high-level discussion of the issues surrounding employees' extended absences, including a survey of jurisdictions with mandated paid leave and a detailed discussion of the EEOC's position with respect to extended leave as a reasonable accommodation.
FMLA: A practical, scenario-based discussion regarding extended leaves of absence and how they are regulated by application of the FMLA, the ADA and other applicable laws and regulations.
How has depreciation changed in your years of practice? Whether you have been in practice for 5 years or 40 years, the changes in the rules on depreciation have been staggering. Let’s walk down memory lane and see just where each of us gets lost in the Depreciation Maze.