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12/27
1099 FAQ’s
in Accounting, Human Resources, Payroll
What is a 1099?
A 1099 is just like a W-2, but it's for an independent contractor as opposed to an employee. It's a way of telling the contractor AND the IRS how much the contractor got paid for the year. The IRS then compares the 1099 they get to what the contractor puts on their taxes.
What is the W-9?
A W-9 form is quick and simple. It requests basic information about... keep reading
12/22
Classifying Workers
An individual’s classification as an employee or independent contractor determines an organization’s responsibility regarding FICA, income tax withholding, and employer benefit plans. Misclassification can lead to significant penalties, so it is important to understand the difference.
Independent Contractors
Workers are classified as contractors if:
• They normally... keep reading
12/20
What is a Medical Sharing plan? Is it a good idea?
There are several "Health Care Sharing" options, but none of them provide “Credible Coverage”. Here’s how they work:
Each person or family is required to pay a monthly fee (this is NOT a premium). This monthly fee pays the health care costs of other families in the program. When you need health care, the money comes from this fund as well. In addition to their monthly... keep reading
12/15
What’s the scoop on PPO? HMO? HSA?
What is HMO?
HMO stands for Health Maintenance Organization. This form of health insurance combines a range of coverages in a group basis. Doctors and other professionals are paid a flat monthly fee whether you see them or not. You pay the same amount every month, as long as you see doctors within the approved network. If you need to see a professional outside the network,... keep reading
12/12
How Does Health Insurance Work?
Traditional health insurance requires you to pay a premium to insure against future health-related expenses and to soften the blow of the big medical bills. This operates much like car insurance, where you pay a premium to protect yourself in the event of an accident. Usually with car insurance you have a deductible, an amount of money to pay out-of-pocket before your insurance... keep reading
