Independent Contractor

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 to independent contractors.

#SelfEmployed #returns

For more information, contact Ivan Armstrong, CPA at 212-233-2777 or email tacarmstrong@aa-cpa.net