17 min
What's the True Difference Between Employees & Independent Contractors? Growing Your Team Podcast with Jamie Van Cuyk
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- Entrepreneurship
Employees or Independent Contractors... do you know the difference? Many small business owners do not fully understand the difference between the two and hire based on opinions and not fact. However, hiring a team member under the wrong classification can lead to significant fines, fees, and other penalties by the government.
Therefore, I want to ensure that as a small business owner you understand the difference and feel confident that you are hiring the right team member each time. That is why, in this episode, you will learn the basics of the two classifications.
In this episode, you will hear: What agencies of the government define and monitor the classifications of employees and independent contractors (ICs). (1:38) An overview of what an employee is and what it means for you to own the control of the relationship. (2:45) What ICs really are and how they should interact with your business. (4:10) One of the biggest mistakes I see business owners make when they hire ICs. (5:47) How I was once a misclassified employee and the impact it had on me and the business owner. (6:52) What can happen to you if you misclassify your workers. (11:00) Resources: Are you trying to figure out if your position should be an employee or an independent contractor? The first resource you should check out is the IRS website. View the below links to learn more. If you still are not 100% sure after reviewing the IRS website, it will be in your best interest to consult an employment lawyer.
https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee https://www.irs.gov/newsroom/understanding-employee-vs-contractor-designation https://www.irs.gov/newsroom/employee-or-independent-contractor-know-the-rules
Next Steps:
Do you want support and encouragement as you hire and lead your perfect-fit team?
Join the Growing Your Team Facebook community! With the support of Jamie and other small business owners, you can grow a business that’s bigger than you!
Subscribe and Review: Have you subscribed to the Growing Your Team podcast yet? If not, subscribe today so you never miss a future episode.
I have so much information to share with you. Plus, I have a long line of guests who you will not want to miss!
Also, if you have not done so yet, please leave a review! By leaving a review, you help other small business owners find this podcast and give them the knowledge to grow and lead their team members.
Employees or Independent Contractors... do you know the difference? Many small business owners do not fully understand the difference between the two and hire based on opinions and not fact. However, hiring a team member under the wrong classification can lead to significant fines, fees, and other penalties by the government.
Therefore, I want to ensure that as a small business owner you understand the difference and feel confident that you are hiring the right team member each time. That is why, in this episode, you will learn the basics of the two classifications.
In this episode, you will hear: What agencies of the government define and monitor the classifications of employees and independent contractors (ICs). (1:38) An overview of what an employee is and what it means for you to own the control of the relationship. (2:45) What ICs really are and how they should interact with your business. (4:10) One of the biggest mistakes I see business owners make when they hire ICs. (5:47) How I was once a misclassified employee and the impact it had on me and the business owner. (6:52) What can happen to you if you misclassify your workers. (11:00) Resources: Are you trying to figure out if your position should be an employee or an independent contractor? The first resource you should check out is the IRS website. View the below links to learn more. If you still are not 100% sure after reviewing the IRS website, it will be in your best interest to consult an employment lawyer.
https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee https://www.irs.gov/newsroom/understanding-employee-vs-contractor-designation https://www.irs.gov/newsroom/employee-or-independent-contractor-know-the-rules
Next Steps:
Do you want support and encouragement as you hire and lead your perfect-fit team?
Join the Growing Your Team Facebook community! With the support of Jamie and other small business owners, you can grow a business that’s bigger than you!
Subscribe and Review: Have you subscribed to the Growing Your Team podcast yet? If not, subscribe today so you never miss a future episode.
I have so much information to share with you. Plus, I have a long line of guests who you will not want to miss!
Also, if you have not done so yet, please leave a review! By leaving a review, you help other small business owners find this podcast and give them the knowledge to grow and lead their team members.
17 min