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Employers are required to pay employment taxes to the IRS. Generally, these payments consist of two portions: the employee's portion of FICA and income taxes and the employer's portion of FICA and unemployment (FUTA) taxes.
Worker classification is one of the most common, recurring tax disputes. At its most basic level, the question boils down to this: Is the worker an employee or an independent contractor?
© Getty Images The Labor Department on Wednesday announced the withdrawal of the Trump-era independent contractor rule that allowed businesses to classify workers as independent contractors as opposed to employees. The administration’s move, effective Thursday, allows for workers considered "gig workers" to have minimum wage and overtime compensation protections under the Fair Labor Standards Act (FLSA). Employee classification has major implications for companies like Uber, Lyft and DoorDash, which depend on gig workers. “By withdrawing the Independent Contractor Rule, we will help pres...
In December the CRA announced new guidance for employees deducting home office expenses. These changes are likely to be welcomed by thousands of Canadian workers who suddenly find themselves...
The decision could have ripple effects across the ride-share industry and threaten its business model.