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It is critical that companies properly see whether the people providing solutions are workers or contractors that are independent.
Generally speaking, you have to withhold taxes, withhold and pay Social protection and Medicare fees, and spend jobless income tax on wages paid to a worker. You don’t generally need certainly to withhold or spend any fees on payments to separate contractors.
Choose the situation that relates to You:
- I will be a separate specialist or in company for myselfIf you might be a company owner or contractor whom provides solutions to many other companies, then you’re generally speaking considered self-employed. To learn more about your income tax responsibilities if you should be self-employed (an separate specialist), see our Self-Employed Tax Center. (more…)