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employee or independent contractor

Employee or Independent Contractor? Myths About Worker Classifications Busted!

Business owners across America are working to get all their ducks in a row leading up to the implementation of the Patient Protection and Affordable Care Act (PPACA) in 2015. Among many other factors that are relevant in the discussion surrounding the impending PPACA, an important decision that employers need to make is how they classify their employees for tax purposes. Generally speaking, those who are classified as employees submit the W-2 Federal Tax Form called “Wage and Tax Statement,” which is what determines how their income is to be taxed. Not only does this classification dictate the taxes that the employee is required to pay, but it also affects the employer’s responsibilities in terms of tax obligations.

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