Idaho Self-Employed Independent Contractor Payment Schedule
Description
How to fill out Self-Employed Independent Contractor Payment Schedule?
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FAQ
Who are covered or entitled to the 13th month pay? All rank-and-file employees who have worked for at least one (1) month during the calendar year, 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.
Independent contractors are not classified as employees by the Internal Revenue Service (IRS), so instead of being paid through your payroll system, they're paid separately as a business expense.
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.
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.
Self-employment income is income that arises from the performance of personal services, but which cannot be classified as wages because an employer-employee relationship does not exist between the payer and the payee.
All contractors are required by Idaho law to be registered with the Idaho Contractors Board, which is a division of the State of Idaho, Bureau of Occupational Licenses.
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.
The key here is for owners and managers to understand the true cost to the business of hiring an employee and not just base their employee costs on gross wages! In short, independent contractors do not have any entitlement under PH law to receive 13th Month Pay.
Who aren't eligible to receive their 13th month pay? Employees of government agencies and any political subdivisions are not eligible under PD 851. Employees who work for multiple employers or government employees doing part-time work with a private company aren't also covered by the law.
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.
