Ohio 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
By Kristen M. Kraus: In Ohio, unemployment benefits are designed to provide workers with temporary income when a worker loses his job through no fault of his own. Because these benefits are provided for by taxes paid by employers, only employees and not independent contractors were eligible.
Independent contractors report their income on Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship). Also file Schedule SE (Form 1040), Self-Employment Tax if net earnings from self-employment are $400 or more.
Ohioans who are self-employed, 1099 workers or part-time can now apply for pandemic unemployment assistance. The new federal program covers many more categories of workers than the traditional unemployment program.
During President Donald Trump's administration, the DOL issued a final rule clarifying when workers are independent contractors versus employees. The rule applied an economic-reality test that primarily considers whether the worker operates his or her own business or is economically dependent on the hiring entity.
By Kristen M. Kraus: In Ohio, unemployment benefits are designed to provide workers with temporary income when a worker loses his job through no fault of his own. Because these benefits are provided for by taxes paid by employers, only employees and not independent contractors were eligible.
Acceptable documents can include paycheck stubs, state or federal employer identification numbers, business licenses, tax documents, business receipts or a signed affidavit. This documentation must be provided within 90 days of the initial application or when requested by ODJFS, whichever is later.
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. In contrast, actual company employees are considered W-2 employees.
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.
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.
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.
