Results 1 to 7 of 7
  1. #1
    Join Date
    Nov 2020
    Posts
    4

    Default So I Started Working for a Holding Sign Company As an Independent Contractor

    My question involves independent contractors in the state of: ohio

    i make 25 hour.. i pay a helper 12... 10 hours on weekends.
    I get all money paid to me no taxes taken out.

    money sent to my gf's venmo currenlty past few weeks

    what do i need to do?

    keep track of all my gas / expenses.

    will i have to pay taxes on this?

    is the company paying me reporting this? etc

  2. #2
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: So I Started Working for a Holding Sign Company As an Independent Contractor

    Quote Quoting steveairway
    View Post
    My question involves independent contractors in the state of: ohio

    i make 25 hour.. i pay a helper 12... 10 hours on weekends.
    I get all money paid to me no taxes taken out.

    money sent to my gf's venmo currenlty past few weeks

    what do i need to do?

    keep track of all my gas / expenses.

    will i have to pay taxes on this?

    is the company paying me reporting this? etc
    Yes, you will have to pay taxes on your profits. You are considered to be self employed and will also have to pay self employment taxes on your profits.

    You need to keep track of all of your expenses, by category. Generally, it is more to your advantage to keep track of your miles, rather than gas.

  3. #3
    Join Date
    Nov 2015
    Location
    47.606 N 122.332 W in body, still at 90 S in my mind.
    Posts
    1,678

    Default Re: So I Started Working for a Holding Sign Company As an Independent Contractor

    this sounds like a screw job. You'll be lucky to come away from this earning minimum wage after you pay your taxes and, I believe, payroll taxes on your employee, etc.
    "Where do those stairs go?"
    "They go up!"

  4. #4
    Join Date
    Nov 2013
    Posts
    7,056

    Default Re: So I Started Working for a Holding Sign Company As an Independent Contractor

    Quote Quoting steveairway
    View Post

    is the company paying me reporting this? etc
    At the end of the year the company will send you and the IRS a 1099 form that will state the exact amount they paid you in the prior tax year. You will have to file a schedule C profit and loss form for the business with your personal tax return. You will have to withhold payroll and income taxes from your employee and periodically submit them to the IRS. You will have to pay quarterly estimated income tax also.

    I suggest you educate yourself ASAP or speak to a business accountant before you screw it up.

  5. #5
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: So I Started Working for a Holding Sign Company As an Independent Contractor

    Not only that, but he needs to be paying HIS share of the employment taxes for the employer and provide workman's comp. He also should seriously consider liability insurance to cover his and his employee should something happen with regard to their activity.

    Just what on earth is a holding sign contractor anyhow? If you're talking about one of those guys who stands there on the street corner dancing with an advertising sign, I've also got doubts if you're legitimately an independent contractor.

  6. #6
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: So I Started Working for a Holding Sign Company As an Independent Contractor

    Quote Quoting steveairway
    View Post

    will i have to pay taxes on this?
    You will also have to pay self employment tax - Schedule SE.

    I suggest you read the following publication from the IRS:

    Tax Guide for Small Business

    https://www.irs.gov/pub/irs-pdf/p334.pdf

    That publication will make reference to other business related publications.

    Also read the following IRS page on whether you are legitimately an independent contract or being illegally classified as one.

    https://www.irs.gov/businesses/small...ed-or-employee

    Ohio requires you to buy a workers compensation policy for your employee helper.

    https://info.bwc.ohio.gov/wps/portal...nding-ohio-law

    You also need business liability insurance.

  7. #7
    Join Date
    Nov 2020
    Posts
    4

    Default Re: So I Started Working for a Holding Sign Company As an Independent Contractor

    Hey is there a way to see a notification in right hand corner when u reply btw? thanks

    1. Sponsored Links
       

Similar Threads

  1. Contracts and Agreements: Can an Independent Contractor Be Told Who They Can or Can Not Have Working for Them
    By kronykus in forum Independent Contractors
    Replies: 16
    Last Post: 11-16-2015, 10:36 AM
  2. Starting a Business: Working As Independent Contractor for My Own LLC
    By jpearsall187 in forum Business Law
    Replies: 6
    Last Post: 06-19-2014, 05:08 PM
  3. Employer is Holding Independent Contractor's Payment Checks
    By iamcissy in forum Independent Contractors
    Replies: 2
    Last Post: 05-01-2011, 02:11 AM
  4. Unemployment Benefits: Getting Unemployment Benefits After Working As an Independent Contractor
    By danyela in forum Employment and Labor
    Replies: 2
    Last Post: 01-27-2010, 01:29 PM
  5. H Visas: H-1B VISA and also working as Independent Contractor
    By snypeters in forum Visas for Business, Tourism and Family
    Replies: 2
    Last Post: 04-14-2009, 09:48 PM
 
 
Sponsored Links

Legal Help, Information and Resources