Your choice could save (or cost) you thousands! Quick tip: Understanding the tax implications is crucial for smart hiring decisions.
Hiring employees means more paperwork and higher costs. You're responsible for withholding income tax, Social Security, and Medicare. Plus, you'll pay unemployment tax!
Contractors handle their own taxes, potentially saving you money. No need to withhold taxes or pay for benefits, but be careful not to misclassify!
The IRS looks at who controls the work. Quick tip: If you dictate how, when, and where the work is done, they're likely an employee in the eyes of the IRS.
Employees offer loyalty, but contractors provide flexibility. Consider long-term costs vs. short-term savings when making your decision.
Don't navigate these tricky tax waters alone! Contact Akron Income Tax Co. today for expert guidance on making the best hiring decisions for your business.
2215 E. Waterloo Rd. Suite 113 Akron, Ohio 44312 (330)733-1040