+1-415-670-9189
info@expertsmind.com
Discuss the primary tax consequences or tax deductions
Course:- Taxation
Reference No.:- EM13863997




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Taxation

Question:

Distinction Between Independent Contractors and Employees" Please respond to the following:

After reviewing the scenario, identify at least three (3) key benefits that you could negotiate with your employer or potential employer that could reduce your tax liability. Provide specific examples of such benefits.

Imagine that a potential employer has given you the opportunity to work as either an employee or an independent contractor. Identify at least three (3) pros and three (3) cons of each option.

Discuss the primary tax consequences or tax deductions of each classification that you believe provide the greatest opportunity to reduce your overall tax liability.

Provide support for your rationale

Answered:-

Verified Expert


Preview Container content

In today’s environment, it can be seen that employers are potentially seeking options to which they can arrange to distinguish as to which is more beneficial to them, hiring an independent contractor or employees. Both the options seem to be viable on the work front, but when it comes to taxation, an employer has to decide because it has a huge significance on the costs of the employer. We all know that the employers potentially like to reduce their tax burden as well as reporting requirements. Hence we will evaluate as to what is more beneficial to the employer. The pros and cons of having an employee over independent contractor:
The pros are that the employee can work according to the requirements of the employer as and when the employer wishes to as it has a full supervision over it, employees can generate more work as compared to the independent contractors and that employees can give them additional benefits as they are more inclined towards their firm




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Taxation) Materials
Calculate return on common equity and disaggregate ROCE for Years 5 and 9 using end-of-year values for computations requiring an average (assume fixed assets and working cap
Do you complete the financials, and are you able to prepare the tax returns? What information do you give to the client so that she can present it to the bank in hopes of ge
A. R. Oma, Inc., manufactures a line of men's perfumes and after-shave lotions. The manufacturing process is basically a series of mixing operations with the addition of cer
Make sure you read carefully any footnotes for each item of equity and also look at your firm's Statement of Changes in Equity. Also discuss any changes in each item of
Illustrate the impact on the tax liability of the parent company of the activities and how does the establishment of the coordination center impact the tax liability of compa
If you could change one thing about each of the three branches, what would it be and why? Write a one to three page essay addressing this issue. You must address all three b
Advise Alpha of the income tax consequences arising out of the above information for the 2013-14 income year - advise Periwinkle of its FBT consequences arising out of the abo
Find an article on the Internet that describes how a traditional IRA can be converted into a Roth IRA. Summarize the process explaining any tax costs associated with the pro