Arizona Self-Employed Independent Contractor Payment Schedule
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How to fill out Self-Employed Independent Contractor Payment Schedule?
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FAQ
Differentiating between employees and independent contractors is essential since the law treats both groups differently. While employers are obligated to comply with Philippine labor laws in regards to their employees, the same obligation does not apply to any independent contractors they hire.
As a self-employed professional, you can lower your tax burden by contributing to a Traditional IRA or a Solo 401(k), or by setting up a SIMPLE or SEP IRA for your business. These are great ways to reduce your taxes now while allowing you to save for your financial future.
Paying yourself as an independent contractor As an independent contractor, you will need to pay self-employment taxes on your wages. You will file a W-9 with the LLC. The LLC will be responsible for IRS Form 1099-MISC during tax season.
The IRS typically requires independent contractors and sole proprietors to pay estimated taxes quarterly using Form 1040-ES, Estimated Tax for Individuals.
You should plan to set aside 25% to 30% of your taxable freelance income to pay both quarterly taxes and any additional tax that you owe when you file your taxes in April. Freelancers must budget for both income tax and FICA taxes. You can use IRS Form 1040-ES to calculate your estimated tax payments.
Benefits. Certain benefits under the law are provided to employees that independent contractors are not entitled to, such as overtime pay, premium pay, holiday pay, and 13th month pay, among others. Some employers also provide non-monetary benefits such as maternity/paternity leave and parental leave.
You can pay your 1099 contractors through payroll, and electronically deposit their payment into their bank account instead of paper checks. You will first need to set up your company to use direct deposit, then enter your contractor's bank account information before you can pay them with direct deposit in payroll.
Reporting self-employment income 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.
If as an independent contractor, you expect to owe $1,000 or more in taxes when you file your annual return, you'll have to make estimated quarterly tax payments. These regular payments cover your self-employment tax and your income tax liability for the year.
WHO ARE ENTITLED TO 13TH MONTH PAY? All rank and file employees are entitled to receive 13th month pay regardless of the nature of their employment and irrespective of the methods by which their wages are paid, provided they worked for at least one (1) month during a calendar year.
