Employer hires a collections specialist on an independent contractor basis to provide collection services for employer as specified in the contract.
North Dakota Collections Agreement - Self-Employed Independent Contractor
State:
Multi-State
Control #:
US-INDC-237
Format:
Word;
Rich Text
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How to fill out Collections Agreement - Self-Employed Independent Contractor?
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FAQ
The main pieces of employment legislation, chief among which are the Labour Relations Act 66 of 1995 (LRA) the Basic Conditions of Employment Act 75 of 1997 (BCEA) and the Employment Equity Act 55 of 1998 (EEA), apply to employees and not independent contractors.
Work as an Independent Contractor If you choose to pay yourself as a contractor, you need to file IRS Form W-9 with the LLC and the LLC will file an IRS Form 1099-MISC at the end of the year. You will be responsible for paying self-employment taxes on the amount earned.
Often Independent Contractors are completely unaware that they are not Employees as defined in South African labour legislation and therefore unprotected by labour legislation.
There are two main ways to pay yourself as a business owner:Salary: You pay yourself a regular salary just as you would an employee of the company, withholding taxes from your paycheck.Owner's draw: You draw money (in cash or in kind) from the profits of your business on an as-needed basis.
As a sole proprietor, you can pay yourself as much as you want and as often as you want. It's really up to you. The IRS doesn't care about how often you take owner's draws or how much you take out.
Creditors cannot garnish the wages of independent contractors and freelancers, because wages are technically earnings paid to an employee by an employer.
Employees in South Africa are entitled to certain minimum employment benefits, while independent contractors are not. Subject to some exclusions, all employees are entitled to a number of statutory minimum entitlements and basic conditions of employment.
The contract should state who pays which expenses. The contractor is usually responsible for all expenses including mileage, vehicle maintenance, and other business travel costs; work supplies and tools; licenses, fees, and permits; phone and internet expenses; and payments to employees or subcontractors.
Sole proprietors and partners pay themselves simply by withdrawing cash from the business. Those personal withdrawals are counted as profit and are taxed at the end of the year. Set aside a percentage of earnings in a separate bank account throughout the year so you have money to pay the tax bill when it's due.
Paying yourself as an independent contractor Independent contractor pay allows your business the opportunity to stay on budget for projects rather than hire via a third party. As an independent contractor, you will need to pay self-employment taxes on your wages.
