Contractor Ownership?
Right now im a contractor for a company and im not entirely sure what that process. I have be working for like 8 months in a minute but am a little sketchy on the fine-print.
For example, I write software ... am I writing the software FOR the company or are they a short time ago purchasing it from me? And does the fact that im treated approaching an employee (set hours, in-office, etc) craft this illegal? Also no contract be officially "signed".
Answers: Being a contractor funds you are NOT an employee and the company does not set your hours and work calendar and they do not pay you benefits (ie, medical insurance, etc). The company should not be deduct any taxes from you either. As an independent contractor you are responsible for paying your own taxes. They are paying you to write software and since you don't own a signed contract you will not get any royalties from the product you give support to create. You are simply being rewarded for your time and skill, but you are certainly not an member of staff.
If I come to paint your house and we agree on a price and completion date, you do not tell me that I must show up at 8:00am respectively morning to start work. I set my own schedule as an independent contractor and we will individual have a problem if I don't finish on the date I specify.
Check out the IRS "20 point rule" - if they go wrong on too many of those points, it could be a problem for them if the IRS scrutinize the relationship.
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For example, I write software ... am I writing the software FOR the company or are they a short time ago purchasing it from me? And does the fact that im treated approaching an employee (set hours, in-office, etc) craft this illegal? Also no contract be officially "signed".
Answers: Being a contractor funds you are NOT an employee and the company does not set your hours and work calendar and they do not pay you benefits (ie, medical insurance, etc). The company should not be deduct any taxes from you either. As an independent contractor you are responsible for paying your own taxes. They are paying you to write software and since you don't own a signed contract you will not get any royalties from the product you give support to create. You are simply being rewarded for your time and skill, but you are certainly not an member of staff.
If I come to paint your house and we agree on a price and completion date, you do not tell me that I must show up at 8:00am respectively morning to start work. I set my own schedule as an independent contractor and we will individual have a problem if I don't finish on the date I specify.
Check out the IRS "20 point rule" - if they go wrong on too many of those points, it could be a problem for them if the IRS scrutinize the relationship.