independent ccontractor

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Independent Contractor (Self-Employed) or Employee?

It is critical that business owners correctly determine whether the individuals providing services are employees or independent contractors. Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay any taxes on payments [...]

By | January 20th, 2015|IRS, January 2015, Newsletter, Reporting, Taxes|0 Comments

The Tax Corner – November 2014

Department of Labor Announces Increased FUTA Costs for Employers in 7 States Due to outstanding federal loans, employers in 7 states plus the Virgin Islands will owe additional Federal Unemployment Tax Act (FUTA) tax for 2014. Employers in FUTA “credit reduction” states will be charged an additional 1.2% to 2.2% of the first $7,000 in [...]

By | November 18th, 2014|Business Planning, Newsletter, November 2014, Reporting, Taxes, Wages|0 Comments