Information about the W-2 or 1099 Employee
The payment of taxes is considered to be one of the most important things that you have to do especially so that you can avoid a lot of problems with the authorities. You want to take your time to ensure that you have been able to handle the documentation in the right way in relation to this. The tax implications for different people are always different, it is very important for you to realize that today. There are documents that are usually used in the payment of taxes depending on who you are and you may want to learn the differences. If you are going to get any information, it has to be from the sources, you want to take your time to ensure that you have really been able to get all this information from the right places. One of the things that you have to do is to ensure that you’re going to be very careful about understanding the difference between the W-2 and 1099 employee. It will be possible for you to get all this information from this platform and therefore, this is something that you have to take very seriously. The differences between these are usually very major and that is why you want to take yourself to look at them.
One of the things that you will notice is that the W-2 employee is the hired employee and this is the person who usually works part-time or even full-time for the business. For you the employer, you will be required to ensure that you have been able to withhold the required taxes in relation to them and these include, state and federal taxes, the Medicare and also Social Security. As you are probably going to realize, you’ll also be very important for you to ensure that you are able to do the payment of employment taxes but this will be on them. If you have been comparing, you will notice that this is the employee who works for you, it is a very important and critical for you to understand. Being able to get the W-2 online will now be possible and it is something that you may want to consider for these employees. In addition to this, there is also the 1099 employee.
It is important for you to be very careful especially for the people who are self-employed and independent contractors, these are usually referred to as the 1099 employees. Because these are independent people, there is no business will be required to withhold any taxes in relation to them, this is something that they are going to do on their own. For these kinds of individuals, it is important for them to learn how to fill the taxes on their own.