So I Started Working for a Holding Sign Company As an Independent Contractor

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i make 25 hour.. i pay a helper 12... 10 hours on weekends.
I get all money paid to me no taxes taken out.

money sent to my gf's venmo currenlty past few weeks

what do i need to do?

keep track of all my gas / expenses.

will i have to pay taxes on this?

is the company paying me reporting this? etc
 

llworking

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i make 25 hour.. i pay a helper 12... 10 hours on weekends.
I get all money paid to me no taxes taken out.

money sent to my gf's venmo currenlty past few weeks

what do i need to do?

keep track of all my gas / expenses.

will i have to pay taxes on this?

is the company paying me reporting this? etc

Yes, you will have to pay taxes on your profits. You are considered to be self employed and will also have to pay self employment taxes on your profits.

You need to keep track of all of your expenses, by category. Generally, it is more to your advantage to keep track of your miles, rather than gas.
 
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this sounds like a screw job. You'll be lucky to come away from this earning minimum wage after you pay your taxes and, I believe, payroll taxes on your employee, etc.
 

budwad

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is the company paying me reporting this? etc

At the end of the year the company will send you and the IRS a 1099 form that will state the exact amount they paid you in the prior tax year. You will have to file a schedule C profit and loss form for the business with your personal tax return. You will have to withhold payroll and income taxes from your employee and periodically submit them to the IRS. You will have to pay quarterly estimated income tax also.

I suggest you educate yourself ASAP or speak to a business accountant before you screw it up.
 

flyingron

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Not only that, but he needs to be paying HIS share of the employment taxes for the employer and provide workman's comp. He also should seriously consider liability insurance to cover his and his employee should something happen with regard to their activity.

Just what on earth is a holding sign contractor anyhow? If you're talking about one of those guys who stands there on the street corner dancing with an advertising sign, I've also got doubts if you're legitimately an independent contractor.
 

adjusterjack

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will i have to pay taxes on this?

You will also have to pay self employment tax - Schedule SE.

I suggest you read the following publication from the IRS:

Tax Guide for Small Business

https://www.irs.gov/pub/irs-pdf/p334.pdf

That publication will make reference to other business related publications.

Also read the following IRS page on whether you are legitimately an independent contract or being illegally classified as one.

https://www.irs.gov/businesses/small...ed-or-employee

Ohio requires you to buy a workers compensation policy for your employee helper.

https://info.bwc.ohio.gov/wps/portal...nding-ohio-law

You also need business liability insurance.
 
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Hey is there a way to see a notification in right hand corner when u reply btw? thanks
 
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