Many small businesses have to squeeze down costs any way they can just.docx
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Many small businesses have to squeeze down costs any way they can just to survive. One way many businesses do this is by hiring workers as Solution The independent contractor is hurt in the following ways: 1. Works like an employee in almost every aspect except a legal employment contract and hence cannot receive employment benefits like pension, housing perks, promotions, regular increment, etc. 2. Has to pay more tax as they are now subject to self-employment tax. 3. Moral issue on account of filing of income tax i.e. even though they are aware about the 20 factor test and they can be termed as employees, they have to file a return as independent contractors. 4. May face problems in job switching as they are not on payroll of any organisation but only a contractor. If a business takes an aggressive position and interprets the law in a very slanted way, it is not very ethical. They are taking away the benefits of their employees by naming them as Individual Contractors and at the same time they are falsely stating it in the income tax returns. Doing this will definitely hurt the independent contractors as stated above but it will also hurt the business through the following ways: 1. Goodwill among the society 2. Poor efficiency by contractors / employees 3. Income tax audits, fines and penalties, etc. can be levied at a future date. .
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Reply 1 OdellaThe difference between an employee and an indep.docx
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 ...
Employee vs Independent Contractor
This document discusses the differences between classifying workers as employees versus independent contractors. Classifying workers incorrectly can result in IRS penalties and fines. The IRS uses several factors to determine proper classification, focusing on behavioral control, financial control, and the relationship between the parties. Intentionally misclassifying workers as independent contractors when they are really employees carries greater risks of penalties than unintentional misclassification. It is safest to classify ambiguous workers as employees or seek professional advice.
Independent Contractor vs Employee
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)
Classifying independent contractors vs. employees
Both large and small businesses across the country utilize independent contractors or freelancers. As these workers fuel today’s gig economy, understanding the difference between a company employee and an independent contractor is important for an organization’s tax purposes. Insurance Journal recently shared that government agencies are auditing companies to see if they are classifying their workers as independent contractors instead of workers to avoid paying workers’ comp, unemployment taxes, social security and Medicare.
Basic accounting
Sole proprietorships are unincorporated businesses owned and run by one individual. They have some key advantages, including easy formation without much legal complexity, favorable tax treatment where business profits pass through to the owner's personal tax return, and full control and decision making power resting with the sole proprietor. However, sole proprietorships also involve unlimited personal liability for the owner, where they are personally responsible for all business debts and losses. They also have difficulties raising capital and lack continuity, being unable to survive the owner's departure.
Business Structures Assignment
This document provides information for Kayla Falk's business principles homework assignment that is due on February 14, 2021 and worth 30 points. It includes details on sole proprietorships, general partnerships, limited partnerships, limited liability companies, C corporations, and S corporations. For each business structure, it outlines aspects like control, taxes, liability, registration/fees, advantages, disadvantages, and continuation upon an owner's death. It also asks Kayla to identify which structure she would choose for her mock business and to provide location options in Wisconsin to set up the business.
possibilities the regular or C-type corporation, the S-type corpo.docx
possibilities: the regular or C-type corporation, the S-type corporation and the limited liability company known as an LLC. The last two forms are most common among smaller businesses, but are also used by large enterprises from time to time. .
The choice of form is important financially because it can have an impact on Am raising money, taxation, and financial liability. The issue is most relevanti in the disac context of smaller businesses, because the vast majority of large companies are prop organized as C-type corporations.3 diffic
For financial purposes, a partnership is essentially a sole proprietorship with more raisii than one owner, so we'll concentrate on distinguishing between a proprietorship and a corporation. We'll also begin by ignoring S-type corporations and LLCs and reintroduce them later. We'll explore some of the ideas behind form through a hypothetical example that stresses the financial advantages and disadvantages of each.
THE PROPRIETORSHIP FORM
Suppose an entrepreneur wants to open a business, has enough money to get started, and chooses to organize as a sole proprietorship.
Getting Started. Starting a proprietorship is very simple. Because the business is indistinguishable from the entrepreneur, all he has to do to get started is obtain a local permit and declare the business open. That's an advantage of the proprietorship form—it's easy to start.
Dot earn fina
the
Taxes. Now suppose the entrepreneur operates for a while and makes a profit. That profit will simply be taxed as personal income to the business owner. That's another advantage of the proprietorship form—the business's profits are taxed only once, and that tax is at personal income tax rates. (We'll see why this is an advantage in a moment.)
Raising Money. Next, suppose the business is successful for six months and the entrepreneur wants to expand but doesn't have enough money to buy the assets required. He therefore looks for outside financing in the form of a loan. Any number of sources are possible, including family, friends, and a bank.
Family and friends might advance some money on the strength of their personal ^ relationship with our entrepreneur, but people who don't know him will always ask two very important questions.
First they'll want to know, "What happens to my money if your business fails?" The honest answer is that the money will be lost.
Next they'll ask, "What happens to me if you're phenomenally successful?" The answer is simply that the lender will get his or her money back with interest.
Now consider the lender's position. Lending to the entrepreneur is a gamble, but not a very good one. The worst possible outcome is a total loss, while the best result imaginable is merely getting back the amount loaned with a few dollars of interest. That might be all right if the chance of loss is very small, but in fact the overwhelming majority of small businesses fail. Of course lenders know this, so the loan isn't very attractive to them.
Employment Law Issues During Job Search
Lior Samfiru and Peter Cicak of Samfiru Tumarkin LLP presented on employment law issues during the job search process. They discussed key topics such as employment contracts, working as an independent contractor, termination of employment, and wrongful dismissal lawsuits. Important clauses in employment contracts include termination provisions and restrictive covenants. While contracts usually benefit employers, employees should understand their rights and negotiate terms carefully. The distinction between employees and independent contractors depends on several factors like control and economic dependence. Employees have rights regarding termination with or without cause that may entitle them to notice or severance pay.
Recommended
Reply 1 OdellaThe difference between an employee and an indep.docx
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 ...
Employee vs Independent Contractor
This document discusses the differences between classifying workers as employees versus independent contractors. Classifying workers incorrectly can result in IRS penalties and fines. The IRS uses several factors to determine proper classification, focusing on behavioral control, financial control, and the relationship between the parties. Intentionally misclassifying workers as independent contractors when they are really employees carries greater risks of penalties than unintentional misclassification. It is safest to classify ambiguous workers as employees or seek professional advice.
Independent Contractor vs Employee
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)
Classifying independent contractors vs. employees
Both large and small businesses across the country utilize independent contractors or freelancers. As these workers fuel today’s gig economy, understanding the difference between a company employee and an independent contractor is important for an organization’s tax purposes. Insurance Journal recently shared that government agencies are auditing companies to see if they are classifying their workers as independent contractors instead of workers to avoid paying workers’ comp, unemployment taxes, social security and Medicare.
Basic accounting
Sole proprietorships are unincorporated businesses owned and run by one individual. They have some key advantages, including easy formation without much legal complexity, favorable tax treatment where business profits pass through to the owner's personal tax return, and full control and decision making power resting with the sole proprietor. However, sole proprietorships also involve unlimited personal liability for the owner, where they are personally responsible for all business debts and losses. They also have difficulties raising capital and lack continuity, being unable to survive the owner's departure.
Business Structures Assignment
This document provides information for Kayla Falk's business principles homework assignment that is due on February 14, 2021 and worth 30 points. It includes details on sole proprietorships, general partnerships, limited partnerships, limited liability companies, C corporations, and S corporations. For each business structure, it outlines aspects like control, taxes, liability, registration/fees, advantages, disadvantages, and continuation upon an owner's death. It also asks Kayla to identify which structure she would choose for her mock business and to provide location options in Wisconsin to set up the business.
possibilities the regular or C-type corporation, the S-type corpo.docx
possibilities: the regular or C-type corporation, the S-type corporation and the limited liability company known as an LLC. The last two forms are most common among smaller businesses, but are also used by large enterprises from time to time. .
The choice of form is important financially because it can have an impact on Am raising money, taxation, and financial liability. The issue is most relevanti in the disac context of smaller businesses, because the vast majority of large companies are prop organized as C-type corporations.3 diffic
For financial purposes, a partnership is essentially a sole proprietorship with more raisii than one owner, so we'll concentrate on distinguishing between a proprietorship and a corporation. We'll also begin by ignoring S-type corporations and LLCs and reintroduce them later. We'll explore some of the ideas behind form through a hypothetical example that stresses the financial advantages and disadvantages of each.
THE PROPRIETORSHIP FORM
Suppose an entrepreneur wants to open a business, has enough money to get started, and chooses to organize as a sole proprietorship.
Getting Started. Starting a proprietorship is very simple. Because the business is indistinguishable from the entrepreneur, all he has to do to get started is obtain a local permit and declare the business open. That's an advantage of the proprietorship form—it's easy to start.
Dot earn fina
the
Taxes. Now suppose the entrepreneur operates for a while and makes a profit. That profit will simply be taxed as personal income to the business owner. That's another advantage of the proprietorship form—the business's profits are taxed only once, and that tax is at personal income tax rates. (We'll see why this is an advantage in a moment.)
Raising Money. Next, suppose the business is successful for six months and the entrepreneur wants to expand but doesn't have enough money to buy the assets required. He therefore looks for outside financing in the form of a loan. Any number of sources are possible, including family, friends, and a bank.
Family and friends might advance some money on the strength of their personal ^ relationship with our entrepreneur, but people who don't know him will always ask two very important questions.
First they'll want to know, "What happens to my money if your business fails?" The honest answer is that the money will be lost.
Next they'll ask, "What happens to me if you're phenomenally successful?" The answer is simply that the lender will get his or her money back with interest.
Now consider the lender's position. Lending to the entrepreneur is a gamble, but not a very good one. The worst possible outcome is a total loss, while the best result imaginable is merely getting back the amount loaned with a few dollars of interest. That might be all right if the chance of loss is very small, but in fact the overwhelming majority of small businesses fail. Of course lenders know this, so the loan isn't very attractive to them.
Employment Law Issues During Job Search
Lior Samfiru and Peter Cicak of Samfiru Tumarkin LLP presented on employment law issues during the job search process. They discussed key topics such as employment contracts, working as an independent contractor, termination of employment, and wrongful dismissal lawsuits. Important clauses in employment contracts include termination provisions and restrictive covenants. While contracts usually benefit employers, employees should understand their rights and negotiate terms carefully. The distinction between employees and independent contractors depends on several factors like control and economic dependence. Employees have rights regarding termination with or without cause that may entitle them to notice or severance pay.
Business Organizations
The document discusses different types of business entities including sole proprietorships, partnerships, C corporations, S corporations, limited liability companies, and non-profit organizations. It provides an overview of key characteristics of each such as tax treatment, liability, and ease of setup. Sole proprietorships are the simplest but provide no liability protection, while corporations provide more liability protection but are more complex to set up and operate. The best structure depends on factors like costs, liability risks, and tax implications for each business.
Legal For Startups
From the point of choosing the appropriate business structure to the scope and extent of necessary contracts, there are numerous legal issues to address when starting a company. While certain legal issues may even bring a start-up to a grinding halt if neglected, there are many others that are possible to be handled with ease, provided you have the right information to make timely decisions. Given their importance across sectors, the following issues and details will be covered in “Legal For Startups”.
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The document provides guidance to HR managers on properly classifying workers as employees or independent contractors. It discusses the importance of proper classification and potential penalties for misclassification. The IRS examines behavioral control, financial control and the type of relationship to determine a worker's status. The summary advises routinely reviewing classifications and maintaining documentation to support decisions. Potential future legislation aims to further reduce misclassification issues.
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This document provides an overview of different forms of business organizations under Indian law. It discusses private enterprises such as sole proprietorships, partnerships, joint stock companies, and Hindu Undivided Families. It then covers cooperatives and their definition and types. Finally, it examines public sector enterprises and types of public sector organizations. The document includes details on the characteristics, advantages, and disadvantages of each form of business organization. It provides a comprehensive yet concise introduction to the legal aspects and types of businesses in India.
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The document discusses different types of business entities including sole proprietorships, partnerships, C corporations, S corporations, limited liability companies, and non-profit organizations. It provides an overview of key characteristics of each such as tax treatment, liability, and ease of setup. Sole proprietorships are the simplest but provide no liability protection, while corporations provide more liability protection but are more complex to set up and operate. The best structure depends on factors like costs, liability risks, and tax implications for each business.
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