Hi All, Can anyone help me in getting the information abt 1099,w2 & c2c in recruitment. Help me ASAP Regards Arun
From India, Hyderabad
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From India, Hyderabad
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Hi,
A W-2 hire by a company is a direct permanent hire, and W-2 refers to the IRS form that is filled out by the company and handed over to the employee when it's time to file taxes for the year.
A 1099 is also an IRS form, like the W-2, used by direct contractors - those who are not going through consulting companies. The 1099 is given to the direct contractor by the company that uses his or her services.
C2C is basically the subcontractor format of hire where a company routes the hire through a consulting company. A retainer or a certain amount of money, often called the "contracted amount," is given by the company to the consulting company. The consulting company then pays its employee who works for the company an amount after deducting taxes, its rate of profit for the contract, and any other legal charges. Essentially, the employee is an employee of the consulting company, and he or she will receive a W-2 from the consulting company.
SK
From India, Bangalore
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3A W-2 hire by a company is a direct permanent hire, and W-2 refers to the IRS form that is filled out by the company and handed over to the employee when it's time to file taxes for the year.
A 1099 is also an IRS form, like the W-2, used by direct contractors - those who are not going through consulting companies. The 1099 is given to the direct contractor by the company that uses his or her services.
C2C is basically the subcontractor format of hire where a company routes the hire through a consulting company. A retainer or a certain amount of money, often called the "contracted amount," is given by the company to the consulting company. The consulting company then pays its employee who works for the company an amount after deducting taxes, its rate of profit for the contract, and any other legal charges. Essentially, the employee is an employee of the consulting company, and he or she will receive a W-2 from the consulting company.
SK
From India, Bangalore
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Hi. I am here with a few inputs.
1099 - It is temporary employment. The employee himself will pay taxes to the IRS (US Government body). Only citizens and green card holders are eligible to work as 1099 employees.
W2 - Here, taxes will be paid by the employer to the IRS. Green card holders, citizens, and H1B visa holders come under this type of employment.
C2C - Corporation to corporation. Here, the employee will be on the payrolls of company 'X' but working for another corporation. It is only for contract jobs.
Regards, Hari
From India, Hyderabad
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1099 - It is temporary employment. The employee himself will pay taxes to the IRS (US Government body). Only citizens and green card holders are eligible to work as 1099 employees.
W2 - Here, taxes will be paid by the employer to the IRS. Green card holders, citizens, and H1B visa holders come under this type of employment.
C2C - Corporation to corporation. Here, the employee will be on the payrolls of company 'X' but working for another corporation. It is only for contract jobs.
Regards, Hari
From India, Hyderabad
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Hi.
Let's discuss 3 tax terms in the USA.
A W2 is a tax form sent to employees each year that details salary and tax deductions. A person who is on W2 status is considered an employee.
A 1099 is a tax form sent to a contractor to detail what was paid for work done for the company by the contractor. No deductions are withheld as the contractor is considered self-employed and responsible for their own taxes.
Corp to Corp is when a company pays another company for the services of individuals who do work for them. In this case, the individual is usually considered an employee of the company providing the workers.
Please share more information about all the above taxes.
From India, Thrissur
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Let's discuss 3 tax terms in the USA.
A W2 is a tax form sent to employees each year that details salary and tax deductions. A person who is on W2 status is considered an employee.
A 1099 is a tax form sent to a contractor to detail what was paid for work done for the company by the contractor. No deductions are withheld as the contractor is considered self-employed and responsible for their own taxes.
Corp to Corp is when a company pays another company for the services of individuals who do work for them. In this case, the individual is usually considered an employee of the company providing the workers.
Please share more information about all the above taxes.
From India, Thrissur
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A W-2 is a tax form sent to employees each year that details salary and tax deductions. A person who is on W-2 status is considered an employee.
A 1099 is a tax form sent to a contractor to detail what was paid for work done for the company by the contractor. No deductions are withheld as the contractor is considered self-employed and responsible for their own taxes.
Corp to Corp is when a company pays another company for the services of individuals who do work for them. In this case, the individual is usually considered an employee of the company providing the workers.
Hi All,
Can anyone help me in getting the information about 1099, W-2, and Corp to Corp in recruitment.
Help me ASAP.
Regards,
Arun
From India, Thrissur
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A 1099 is a tax form sent to a contractor to detail what was paid for work done for the company by the contractor. No deductions are withheld as the contractor is considered self-employed and responsible for their own taxes.
Corp to Corp is when a company pays another company for the services of individuals who do work for them. In this case, the individual is usually considered an employee of the company providing the workers.
Hi All,
Can anyone help me in getting the information about 1099, W-2, and Corp to Corp in recruitment.
Help me ASAP.
Regards,
Arun
From India, Thrissur
Acknowledge(2)Amend(0)
A W-2 is a tax form sent to employees each year that details salary and tax deductions. A person who is on W-2 status is considered an employee.
A 1099 is a tax form sent to a contractor to detail what was paid for work done for the company by the contractor. No deductions are withheld as the contractor is considered self-employed and responsible for their own taxes.
Corp to Corp is when a company pays another company for the services of individuals who do work for them. In this case, the individual is usually considered an employee of the company providing the workers.
Hi All, Can anyone help me in getting the information about 1099, W-2 & C2C in recruitment. Help me ASAP. Regards, Arun
From India, Thrissur
Acknowledge(0)Amend(0)
A 1099 is a tax form sent to a contractor to detail what was paid for work done for the company by the contractor. No deductions are withheld as the contractor is considered self-employed and responsible for their own taxes.
Corp to Corp is when a company pays another company for the services of individuals who do work for them. In this case, the individual is usually considered an employee of the company providing the workers.
Hi All, Can anyone help me in getting the information about 1099, W-2 & C2C in recruitment. Help me ASAP. Regards, Arun
From India, Thrissur
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Hi,
More importantly, there is a form called W-4 (Employee's Tax Withholding Exemption Certificate).
At the time of a new hire, it is the employer's obligation to get this form filled out and deduct the taxes accordingly in the respective payroll periods.
Federal Tax Withholding - 2010
Federal Income Tax Withholding:
Employers are required to withhold federal income tax from the wages paid to employees. The withheld amount is credited to the employees’ individual income taxes.
The amount of federal income tax withheld depends on five factors:
1. Payroll period,
2. Employee marital status,
3. Amount of wages,
4. Number of withholding allowances claimed by the employee, and
5. Additional amounts the employee requests to be withheld.
Each employee should be provided with a Form W-4 to claim the appropriate number of withholding allowances and identify marital status. The signed Form W-4 must be kept on file for each employee.
If an employee does not complete a Form W-4, the employer is required to withhold tax as if the employee were a single person claiming no withholding allowances. If not enough tax is withheld, the employee may be subject to penalties.
Federal Unemployment Tax Act (FUTA)
The Federal Unemployment Tax Act (FUTA) provides a federal-state insurance system for workers who lose their jobs.
Social Security and Medicare Tax Rates and Limits:
Old-Age, Survivors, and Disability Insurance (OASDI)
SSWB (Social Security Wage Board)
From India, Mumbai
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More importantly, there is a form called W-4 (Employee's Tax Withholding Exemption Certificate).
At the time of a new hire, it is the employer's obligation to get this form filled out and deduct the taxes accordingly in the respective payroll periods.
Federal Tax Withholding - 2010
Federal Income Tax Withholding:
Employers are required to withhold federal income tax from the wages paid to employees. The withheld amount is credited to the employees’ individual income taxes.
The amount of federal income tax withheld depends on five factors:
1. Payroll period,
2. Employee marital status,
3. Amount of wages,
4. Number of withholding allowances claimed by the employee, and
5. Additional amounts the employee requests to be withheld.
Each employee should be provided with a Form W-4 to claim the appropriate number of withholding allowances and identify marital status. The signed Form W-4 must be kept on file for each employee.
If an employee does not complete a Form W-4, the employer is required to withhold tax as if the employee were a single person claiming no withholding allowances. If not enough tax is withheld, the employee may be subject to penalties.
Federal Unemployment Tax Act (FUTA)
The Federal Unemployment Tax Act (FUTA) provides a federal-state insurance system for workers who lose their jobs.
Social Security and Medicare Tax Rates and Limits:
Old-Age, Survivors, and Disability Insurance (OASDI)
SSWB (Social Security Wage Board)
From India, Mumbai
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Hi Friends I want to know for 1099 someone should have his own corporation or not
From India, Delhi
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From India, Delhi
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I'm giving you my set of inputs backing up the discussion.
Contract Types
- **Contract - W2:** Will be working as a contract W-2 employee for the company.
- **Contract to Hire - W2:** Will be working as a contract W-2 employee for the company with the option to hire.
- **Full-time:** Will be working as a full-time W-2 employee for the company.
- **Contract - Independent:** Will be working as a contract 1099 employee for the company.
- **Contract to Hire - Independent:** Will be working as a contract 1099 employee for the company with the option to hire.
- **Contract - Corp-to-Corp:** Will be working on contract with or through another corporation.
- **Contract to Hire - Corp-to-Corp:** Will be working on contract with or through another corporation with the option to hire.
- **TN:** Visa for temporary workers authorized under schedule 2 of NAFTA.
From India, Bangalore
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Contract Types
- **Contract - W2:** Will be working as a contract W-2 employee for the company.
- **Contract to Hire - W2:** Will be working as a contract W-2 employee for the company with the option to hire.
- **Full-time:** Will be working as a full-time W-2 employee for the company.
- **Contract - Independent:** Will be working as a contract 1099 employee for the company.
- **Contract to Hire - Independent:** Will be working as a contract 1099 employee for the company with the option to hire.
- **Contract - Corp-to-Corp:** Will be working on contract with or through another corporation.
- **Contract to Hire - Corp-to-Corp:** Will be working on contract with or through another corporation with the option to hire.
- **TN:** Visa for temporary workers authorized under schedule 2 of NAFTA.
From India, Bangalore
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