Alaska Broker Agreement - Self-Employed Independent Contractor

State:
Multi-State
Control #:
US-INDC-133
Format:
Word; 
Rich Text
Instant download

Description

Employer contracts with a certified or registered broker as independent contractor to provide brokering services for employer as specified and agreed upon in the contract.
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  • Preview Broker Agreement - Self-Employed Independent Contractor
  • Preview Broker Agreement - Self-Employed Independent Contractor
  • Preview Broker Agreement - Self-Employed Independent Contractor

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FAQ

What Is an Independent Contractor? An independent contractor is a self-employed person or entity contracted to perform work foror provide services toanother entity as a nonemployee. As a result, independent contractors must pay their own Social Security and Medicare taxes.

Key takeaway: Independent contractors are not employed by the company they contract with; they are independent as long as they provide the service or product agreed to. Employees are longer-term, on the company's payroll, and generally not hired for one specific project.

Simply put, being an independent contractor is one way to be self-employed. Being self-employed means that you earn money but don't work as an employee for someone else.

A 1099 employee is a US self-employed worker that reports their income to the IRS on a 1099 tax form. Freelancers, gig workers, and independent contractors are all considered 1099 employees.

Workers who receive predetermined earnings and have little chance to realize significant profit or loss through their work generally are employees. People who simultaneously provide services for several unrelated companies are likely to qualify as independent contractors.

An independent contractor is a person who provides services to a company but is not an employee of that company. These are two categories someone could fall into when they start working. In real estate, agents are usually considered independent contractors working under the owner of the agency they are affiliated with.

It is important to know why realtors are classified as independent contractors when arguably, they operate more in the role of an employee.

Independent contractors are self-employed workers who provide services for an organisation under a contract for services. Independent contractors are not employees and are typically highly skilled, providing their clients with specialist skills or additional capacity on an as needed basis.

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.

Remember that an independent contractor is considered to be self-employed, so in effect, you are running your own one-person business. Any income that you earn as an independent contractor must be reported on Schedule C. You'll then pay income taxes on the total profit.

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Alaska Broker Agreement - Self-Employed Independent Contractor