Iowa Subcontractors Package

State:
Iowa
Control #:
IA-P081-PKG
Format:
Word; 
Rich Text
Instant download

Description

This package contains essential documents for Subcontractors to use to manage their construction project and protect their legal rights. The heart of this package is the subcontractor's agreement that complies with state law.



This package contains the following forms:



1. Iowa Construction Contract - Cost Plus or Fixed Fee

2. A Construction Project Information Sheet

3. A Change Order Sheet

4. A Certificate of Completion

5. A Weekly Equipment Summary

6. A Time and Material Log

7. A Bid Log

8. A Bid Follow Up Letter

9. A Summary of Estimate

10. A Final Project Punch List

11. A Worker Safety and Health Plan

12. An Accident Report Form


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FAQ

Do independent contractors count as employees for purposes of PPP loan calculations? No, independent contractors have the ability to apply for a PPP loan on their own so they do not count for purposes of a borrower's PPP loan calculation.

In short, someone who sets their wage, hours, and chooses the jobs they take on is a subcontractor, while someone whose employer specifies their wage, hours, and work tasks is an employee.

1099 employees are self-employed independent contractors. They receive pay in accord with the terms of their contract and get a 1099 form to report income on their tax return.The employer withholds income taxes from the employee's paycheck and has a significant degree of control over the employee's work.

Subcontractors are best for projects that require specific skill sets, while employees are great for on-going, long term projects. However, they don't have to be mutually exclusive in your small business.

1099 Employees and Benefits If you hire a worker as a 1099 contractor, you are not required under law to offer the contractor the same benefits you provide to your actual employees. However, regulations do allow you to offer self-employed health insurance if you choose to do so.

You give a Form 1099 to a subcontractor showing the amounts you paid him. The subcontractor is responsible for keeping his or her own records and paying his or her own income and self-employment taxes.The difference between an employee and a subcontractor depends on your right to direct and control the worker.

Self employed workers can have their employment terminated at any time as long as they are issued with the required notice of termination as per their contract.subcontractors can be employees of the business that hires them, even if they have a written contract which expressly states that they are not employees.

Subcontractors do not get benefits, office space or equipment. Hiring contractors also relieves you of having to pay employee taxes and a full-time salary. When all is said and done, hiring a subcontractor is about 20 to 30 percent more cost effective than hiring full-time additional staff.

Furthermore, independent contractors are not eligible to receive tax-free benefits from the organization. If the company chooses to offer health care benefits to an independent contractor, the contractor must pay income taxes on the value of the benefit.

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Iowa Subcontractors Package