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An independent contractor provides service(s) to employers under agreements with employers. In determining independent contractor status, all government agencies con- sider the amount of direction and control the business has on the individuals performing work.
Pay basis: If you pay a worker on an hourly, weekly, or monthly basis, the IRS will consider it a sign the worker is your employee. An independent is generally paid by the job, project, assignment, etc., or receives a commission or similar fee.
Independent contractors in California are subject to a 15.3% tax, 12.4% for Social Security and 2.9% for Medicare. And since you are considered to be both the employer and employee by the IRS, this makes you responsible for paying the total tax amount, plus estimated taxes.
The general rule is that an individual is an independent contractor if the payer has the right to control or direct only the result of the work and not what will be done and how it will be done. If you are an independent contractor, then you are self-employed.
You are probably an independent contractor if: You set your own working hours. You provide the tools and equipment needed to do your job. You work for more than one company at a time. You pay your own business and traveling expenses.
Usually, employees will not have any financial risk as any expenses will be reimbursed, and they will not have fixed ongoing costs. Self-employed individuals, on the other hand, can have financial risk and incur losses because they usually pay fixed monthly costs even if work is not currently being done.
Generally speaking, the difference between independent contractors and employees in California is whether or not the entity paying for services has the right to control or direct the manner and means of work (tending to signify an employment relationship.)
The law further states that independent contractor status is evidenced if the worker: (1) has a substantial investment in the business other than personal services, (2) purports to be in business for himself or herself, (3) receives compensation by project rather than by time, (4) has control over the time and place ...
As an independent contractor, you're the boss of your own taxes. This means there's no employer to withhold taxes for you. The T2125 form. You'll want to become good friends with the T2125 tax form: It's the form you'll use to report your business income and expenses.