New Mexico Memo - Using Self-Employed Independent Contractors
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How to fill out Memo - Using Self-Employed Independent Contractors?
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FAQ
US citizens are subject to the same tax rules regardless of their location. The IRS will still consider an independent contractor as a US citizen if they perform the service abroad, even if the contractor is technically a tax resident of another country.
Under Mexican legislation, independent contractors are individuals who render their professional services as contractors, without being subject to subordination. However, the courts determine whether a person is considered to be an employee or an independent contractor based on how the services are rendered.
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.
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.
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.
Hiring an independent contractor in Mexico. The Mexican Federal Labor Law, or the Ley Federal del Trabajo, governs employer-employee relationships and mandates the standard employee protections and benefits. On the other hand, civil and commercial codes regulate independent contractors' work, offering fewer protections
There are two ways to hire employees in Mexico. The first one is to hire employee with a Global Professional Employer Organization, or PEO, such as Serviap. The second one is by your own. You need to make an offer letter determining if the salary is This will cost more time and money than the first one.
Mexican government promotes independent workThe Mexican government encourages independent work (self-employment) through El Fomento al Autoempleo (FA), which is a sub-program that aims to support jobseekers who wish to develop an activity on their own with the delivery of furniture, machines, equipment and/or tools.
Companies that hire independent contractors in Mexico should have those workers register with the Mexican tax authorities as independent service providers. They should also provide and keep official, signed pay receipts.
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.
