What are the similarities and what are the differences between regular employees and self-employed people? Make a chart and fill it in with details. (write difference each in 3 points each)
Answers
Answer:Someone who is self-employed generally works for themselves as a business owner, freelancer, or as an independent contractor for another company. Earnings are usually directly from the business or freelancing, instead of salary or commission-based reimbursement.
Definition
The Internal Revenue Service defines an individual as being self-employed, for tax purposes, as:
You carry on a trade or business as a sole proprietor or an independent contractor.
You are a member of a partnership that carries on a trade or business.
You are otherwise in business for yourself (including a part-time business).
Employment Status
When you are employed by a company you are considered an employee. Employees are on the company payroll, and the employer withholds federal and state taxes, Social Security, and Medicare.
Employees are provided with unemployment and workers' compensation insurance. Employees may be offered benefit packages that include things like paid sick leave, vacation, health insurance, or 401(k) or other retirement plan participation.
Explanation:
Employee and Self Employed
Explanation:
- A person who is self-employed works for himself, such persons can be business owner, independent contractors or freelancers. They get their earnings directly from the freelancing.
- Regular employees are the persons working for an agency, institution, organisation etc. The person who employs such a person is called employer. Employees gets salary at the month end. some also earn incentives.
- The self employed people has to pay taxes them self while a company pays taxes on behalf of its employees.
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