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December 2012 » Classifying Independent Contractors...
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Mary Recor, CPA
Distinguishing between an independent contractor and an employee remains a complex, yet important, tax issue. Making the proper classification is crucial to both the party doing the hiring and the party providing the labor, especially in terms of tax payments and benefits. Employers that classify a worker as an employee are responsible for the employer's portion of Federal Insurance Contributions Act (FICA) taxes. In addition, such employers bear the cost of federal and state unemployment taxes and of disability insurance; they must also provide employee benefits, including vacation pay and medical benefits. Accordingly, proper classification has been an ongoing battle between the IRS and taxpayers.
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