As your business grows Cheap Epic React White , you are going to need help. This help comes in the form of employees and independent contractors. What you can write-off is dependent upon how your helper is classified ? as an employee or independent contractor.
Independent Contractor
Whenever possible, you want to use independent contractors to assist you. Payments to independent contractors are completely deductible. You simply claim the deduction on your return. If you pay them more than $600 during the tax year, you also must issue a 1099-MISC in January of the following year. Importantly, you do not have to pay employment taxes or make withholding on the compensation.
Unfortunately, the IRS doesn't allow you to randomly classify a worker as an independent contractor. The key to the determination is whether you "control" the actions of the worker. Generally Cheap Epic React Pink , you must be able to show the IRS that the worker is an independent contractor because they have the ability to control the details and means by which the work is accomplished. To this end, it is helpful to show the worker sets their own ours, has a work place and risks not getting paid if the work is below standard.
Employee
If your worker is classified as an employee, the tax burden increases. Under federal law, you are responsible for paying employment taxes related to the worker Cheap Epic React Black , even if there is only one.
Initially, you must withhold FICA, Social Security and income taxes from employee paychecks. As an employer, you must also contribute FUTA payments on your own, to wit Cheap Epic React , they are not deducted from the employees pay.
FICA stands for the Federal Insurance Contribution Act. This Act created a system to collect and provide benefits for workers who retire, are injured or become disabled. FICA is better known as Medicare.
FUTA stands for the Federal Unemployment Tax Act. This Act created a system to provide unemployed workers with temporary benefits until they obtain a new job. The system works in tandem with state unemployment acts. Most consider it a disaster, but you still have to pay.
In Closing
As you can see, it is cheaper to use independent contractors versus employees. The tax burden is significantly less, but make sure the IRS doesn't reclassify them as employees.
Richard Chapo is with - recovering overpaid taxes for small businesses. Visit our article page - - to read more tax articles. Basics of Manufacturing Printed Circuit Boards Technology Articles | May 17 Cheap Nike Epic React Flyknit , 2007
This article tells about the basics of manufacturing printed circuit boards including the terminology and the steps to processing a PCB.
In electronics, printed circuit boards, or PCBs, are used to mechanically support electronic components which have their connection leads soldered onto copper pads in surface mount applications or through rilled holes in the board and copper pads for soldering the component leads in thru-hole applications.? A board design may have all thru-hole components on the top or component side, a mix of thru-hole and surface mount on the top side only Cheap Nike Epic React Grey , a mix of thru-hole and surface mount components on the top side and surface mount components on the bottom or circuit side, or surface mount components on the top and bottom sides of the board.
The boards are also used to electrically connect the required leads for each component using conductive copper traces.? The component pads and connection traces are etched from copper sheets laminated onto a non-conductive substrate.? Printed circuit boards are designed as single sided with copper pads and traces on one side of the board only, double sided with copper pads and traces on the top and bottom sides of the board, or multilayer designs with copper pads and traces on top and bottom of board with a variable number of internal copper layers with traces and connections.?
Single or double sided boards consist of a core dielectric material, such as FR-4 epoxy fiberglass Cheap Nike Epic React White , with copper plating on one or both sides.? This copper plating is etched away to form the actual copper pads and connection traces on the board surfaces as part of the board manufacturing process.? A multilayer board consists of a number of layers of dielectric material that has been impregnated with adhesives, and these layers are used to separate the layers of copper plating.? All of these layers are aligned and then bonded into a single board structure under heat and pressure.? Multilayer boards with 48 or more layers can be produced with today's technologies.
In a typical four layer board design, the internal layers are often used to provide power and ground connections, such as a +5V plane layer and a Ground plane layer as the two internal layers, with all other circuit and component connections made on the top and bottom layers of the board.? Very complex board designs may have a large number of layers to make the various connections for different voltage levels Cheap Nike Epic React Pink , ground connections, or for connecting the many leads on ball grid array devices and other large integrated circuit package formats.