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Classification: Employee vs. Independent Contractor
Employee classification matters for both businesses owners and employees although some may overlook it. Businesses can face issues with the IRS for improper employee classification and employees may be getting the short end of the employment stick if they are improperly classified in terms of both pay and benefits. Wunderland has created a visual guide that provides useful information for both business owners and job seekers about the differences between being classified as an independent contractor vs being classified as an employee.
Hiring full-time staff or freelancers, you should know how to classify your employees in order to not get stuck paying penalties or fees to the IRS at a later date. Conversely, if you are offered a job but the company insists on paying you as an Independent Contractor, you might be getting the short end of the employment stick. This infographic highlights information that you need to know whether you are the one hiring workers, or you are being hired.
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What’s in a Name?
The Risk and Rewards of Independent Contractor vs Employee
What’s the difference between an Independent Contractor (IE) and an Employee?
* The information provided is not legal advice; please consult an attorney for guidance on employment laws.
Independent Contractor | Employee
|Per-project||Duration||Long-term, integral part of business|
|Multiple companies or individuals||Source of Income||Primarily one company|
|Their own||Tools and Resources||Company provides|
|Does not receive||Training||Company provides|
|Does not receive supervision or work hours and requirements||Supervision and Requirements||Adheres to company policies and requirements|
|Self-promotion||Marketing||Company is responsible|
|Signed W-9 required||IRS Forms||Signed W-2 required|
|Per-project||Compensation||Hourly or on a salary, company withholds taxes|
|Self, including filing tax return||Tax Responsibility||Not responsible for filing a business tax return|
What to Know About Job Misclassification
Employer | Worker
|Employers may misclassify workers because:
||Workers may take a misclassified job because:
Risks of Improper Job Classification
|You could get into IRS trouble. How?
||You could be deprived of fair compensation and benefits. How?
Protect Yourself at Work
Presented by: Wunderland