An Agent or Independent Contractor is a person or company that is hired to represent another person or organization in a business transaction. This type of arrangement is often utilized when a company needs to outsource certain tasks or services. The term “Agent or Independent Contractor” is typically used when discussing a party that is not considered an employee. Agents and independent contractors are typically paid on a per project or commission basis, rather than a set salary or wage. There are several types of agents and independent contractors including sales agents, brokers, purchasing agents, commission agents, and independent contractors. Sales agents act as a representative of another business or organization to promote and sell their products or services. Brokers are similar to sales agents, but they act as intermediaries between buyers and sellers to facilitate a transaction. Purchasing agents purchase goods and services on behalf of another organization or individual. Commission agents are paid a commission for each transaction they make. Independent contractors are hired to provide services or labor on a contractual basis for a specific project or task.
Agent or Independent Contractor
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FAQ
For the employee, the company withholds income tax, Social Security, and Medicare from wages paid. For the independent contractor, the company does not withhold taxes. Employment and labor laws also do not apply to independent contractors.
A person who is hired for a wage, salary, fee or payment to perform work for an employer. In agency law the employee is called an agent and the employer is called the principal.
Advantages of being an independent contractor over being an employee include more control since you're your own boss. You might earn more as an independent contractor, and the tax benefits can include deducting your business expenses. The drawbacks to being an independent contractor include more responsibility.
In the real estate industry in the United States, real estate agents, while under the supervision of real estate brokers, are not generally considered employees unless this employer/employee has been expressly stated. Instead, in most cases, real estate agents are considered independent contractors.
Non-Employee means a consultant, adviser, service provider, Controlling Shareholder or any other person who is not an Employee.
An "agent" is an entity that acts on behalf of an employer (the agent's client) to handle the employer's Unemployment Insurance (UI) obligations.
It is not clear-cut when determining whether someone is an independent contractor or agent. An independent contractor has almost absolute discretion whereas an agent is controlled by the principal.
All employees are agents, but not all agents are employees. There are two essential characteristics that distinguish employees from agents. First, an employee must be a human being as compared to artificial or electronic agent. Second, an employer has more control over an employee than over an agent.