There are two types of people in the world-workers and entrepreneurs. Both groups play an important role in shaping today’s economy. Without dedicated workers, businesses can not function in an efficient manner. Without great entrepreneurs, innovation and economic growth will be severely stifled. Many entrepreneurs start out as independent contractors or self-employed individuals and in ...
Many people today are accepting jobs with companies who have elected to pay them as independent contractors rather than as typical payroll employees. Companies do this for a variety of reasons, not the least of which are the tax savings they benefit from by not paying social security and Medicare taxes for their “employees.” Individuals ...
If you and one or more other persons jointly own a property that you rent out, and you have not formed a partnership, limited liability company (LLC), or corporation, generally each of you would report your proportional share of the rent income and rent expenses on your individual income tax returns. As indicated by the ...
When you work an internship, you may do it for the experience, without pay. Or you might be paid as an employee or an independent contractor. If you work as an employee you will have federal income tax (and state income tax if applicable), social security and Medicare taxes withheld from your pay. You will ...
How the members of a limited liability company (LLC) are compensated for their services and how they are taxed depends on whether it is a single-member or multi-member LLC, how the LLC elects to be treated for tax purposes, and on what the members of the LLC agree. As pointed out by the IRS, LLCs ...
An independent contractor is considered a self employed individual, and income earned by an independent contractor is considered self-employment income. “Self-employment income is income that arises from the performance of personal services, but which cannot be classified as wages because an employer-employee relationship does not exist between the payer and the payee” (Self-Employment Tax). Self-Employment ...
Like millions of Americans, I had been laid off from my travel job, during the worst recession since the Great Depression. As the hometown airline merged with an Atlanta based airline, many other travel jobs were also lost, so the competition for jobs in this field was fierce. What kept me sane, during this stressful ...
Karla News
Karla News
