Employee Status for Taxation Essay

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Independent Contractor Status Boons

There are numerous reasons as to why it is of critical importance to distinguish whether an individual is an employee or an independent contractor. The first of these pertains to purposes of taxation. Quite simply, there are numerous ramifications that the status of these two options results in for those who select one or the other. In addition to having to fill out numerous different forms (especially if one is an independent contractor), the crux of the taxation issue is as follows. Independent contractors are generally issued 1099 forms.

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When one is an independent contractor, numerous taxes are not taken out of his or her earnings -- including social security and other mandated federal taxes. Subsequently, that individual is responsible for paying those taxes on April 15 when one must submit one's tax documentation. Additionally, individuals who receive 1099s are subject to self-employment tax, which is largely levied to them so that they can pay for the aforementioned federal taxes. It is also noteworthy to mention that those of 1099 independent contractor status are behooved by….....

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