Enumerate one difference between self-employment and regular employment
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Answer:
Self-employed just as the name suggests is an individual who has sought out means of acquiring revenue on their own. They don’t work for anyone, either operate a business, are freelancing or are privately contracted. These individuals can further be classified as entrepreneurs. The Internal revenue service defines those individuals who are self-employed in three ways. First you must be a member of a partnership which carries on businesses or some form of trade. Secondly you are in business individually either full-time or part-time. Thirdly, you carry on trade as an independent contractor.
An employee is any individual who has been hired by a company, small business, government or organization to perform a specific task in exchange of some compensation. The hiring process takes place after the application process and interview. The terms of employment are then classified in an offer letter or contract this could either be verbal or in paper.
In a nonunion workplace, every employee negotiates on their own the terms of employment. In union workplaces the comprehensive bargaining agreement contains almost all the elements of negotiation including salaries, wages, benefits, vacation and sick time off.
Self Employment means that you are self employed. Working for yourself either as a consultant/contractor or through a company. ... Regular or Wage employment means you are employed by a third party, by someone else. Usually this is through a company though not necessarily.
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