Independent Contractor Management


Presentation Description

Independent contractor perform the outsourced work of the company or business who engage with them for their work. It needs to be classifying and managing effectively. Learn what independent contractor, its advantages, disadvantages is. What common mistake we need to avoid as contractor, and avoid mistake in making contract between contractor and business engage with them for their outsourced work.


Presentation Transcript

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Independent Contractor An independent contractor is a person, business, or corporation that provides goods or services to another entity under terms specified in a contract or within a verbal and physical agreement. Contractors are responsible for paying their own income and self-employment taxes and may deduct business related expenses on Schedule C of their income tax return.

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Advantages Disadvantages Become your own boss Maintain a good work/life balance Earn more money Flexibility in Staffing Start on a part-time basis Less control over worker Face a risk of government audits No guarantee of upcoming projects Own risk on profit and loss

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Importance Of Contract in Independent Contractors work journey…… It provide confidentiality security between two parties. It allows better working relationships and if it does go wrong, you have a bit of paper that makes it clear what should have happened from the outset. this is a helps to understand the own role in work. Contractor works within the contract

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Common Mistake In Contract   Hiring independent contractors without a written contract. Allowing the Worker to Classify the Relationship Consequences for Misclassifying Method of Payment Viewing benefits as a determining factor

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Common Mistakes O f Contractor Not being financially responsible Being too picky Not being prepared for an interview Not maintaining your skills set Lack of industry knowledge Not Knowing the Cost of Work Pursuing a Foolish Strategy

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Conclusion….. Today, independent contractor are in trends and in boom. To work as contractor is easy as well risky in some how like agreement which include the responsibility of contractor, term and condition specify the work time interval, project budget. It must fill with legal adviser which help to take out uncertainty out of contracting, make it simple and compliant. Certica , help in make contract simple and compliant for contractor and the business that engage their services . They help in managing the independent contractor, finance management, aware tax .

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