Get the free Independent Contractor/Professional Services Worksheet - fgcu

Instructions for completing the Independent Contractor/Professional Services Worksheet required for hiring independent contractors at Florida Gulf Coast University.

How to fill out independent contractorprofessional services worksheet

How to fill out Independent Contractor/Professional Services Worksheet

1. Begin by entering your full legal name in the designated field.
2. Provide your business name if applicable; otherwise, leave blank.
3. Fill in your address, ensuring it is complete and accurate.
4. Enter your phone number and email address for contact purposes.
5. Specify the type of services you provide as an independent contractor.
6. Detail the payment terms, including rate and payment frequency.
7. List any relevant licenses or certifications related to your services.
8. If required, complete the tax identification section with your SSN or EIN.
9. Review the completed form for accuracy and completeness.
10. Submit the form to the appropriate department or individual for processing.

Who needs Independent Contractor/Professional Services Worksheet?

1. Independent contractors providing services to clients or companies.
2. Freelancers needing to outline their services and payments.
3. Businesses hiring independent professionals who require a formal record.
4. Individuals applying for grants or funding that require proof of service.

People Also Ask about

What is the 20 question test for independent contractors?

The IRS 20 Factor Test delves into specifics like training provided, payment structure, and the freelancer's ability to set their own hours. By carefully considering these factors, both businesses and independent contractors can navigate a smooth course.

What do 1099 employees need to fill out?

The first tax document required to recruit a 1099 contractor is IRS Form W-9. Businesses use Form W-9 to engage freelancers to obtain details about the worker for tax filings. Upon hiring, a firm should send a fresh Form W-9 to the freelancer to complete and submit.

Do independent contractors fill out a W9 or 1099?

This helps them collect the contractor's tax information. Using the W-9, employers can complete the 1099 tax form at the end of the year to record the payments they made to the contractor. Individuals fill out the W-9 if they work as an independent contractor or as a freelancer.

What is the 2 year contractor rule?

Key Aspects Rule The rule typically specifies that a contractor cannot work for the same employer for more than 2 consecutive years.

What do you have an independent contractor fill out?

Form W-9. If you've made the determination that the person you're paying is an independent contractor, the first step is to have the contractor complete Form W-9, Request for Taxpayer Identification Number and Certification.

Should an independent contractor form an LLC or S Corp?

In general, if you're planning to keep your business relatively small and manageable, an LLC might be the best option for you. However, if you're envisioning significant growth and potentially bringing in investors, an S Corp could be a more suitable choice.

What is the new federal rule for independent contractors?

The new rule, which becomes effective March 11, 2024, rescinds the 2021 independent contractor rule issued under former President Donald Trump and replaces it with a six-factor test that considers: 1) opportunity for profit or loss depending on managerial skill; 2) investments by the worker and the potential employer;

What form do I have an independent contractor fill out?

Form W-9. If you've made the determination that the person you're paying is an independent contractor, the first step is to have the contractor complete Form W-9, Request for Taxpayer Identification Number and Certification.

For pdfFiller’s FAQs

What is Independent Contractor/Professional Services Worksheet?

The Independent Contractor/Professional Services Worksheet is a form used to document payments made to independent contractors or professionals for services rendered, typically for tax reporting purposes.

Who is required to file Independent Contractor/Professional Services Worksheet?

Businesses and organizations that have paid independent contractors or professional service providers $600 or more in a calendar year are required to file the Independent Contractor/Professional Services Worksheet.

How to fill out Independent Contractor/Professional Services Worksheet?

To fill out the worksheet, enter the contractor's name, address, taxpayer identification number, total amount paid for services, and any other relevant details as specified in the form instructions.

What is the purpose of Independent Contractor/Professional Services Worksheet?

The purpose of the worksheet is to ensure proper documentation of payments made to independent contractors for tax compliance, allowing the IRS to track income and ensure appropriate tax obligations are met.

What information must be reported on Independent Contractor/Professional Services Worksheet?

The worksheet must report the contractor's name, address, taxpayer identification number, total payments made, and any applicable deductions or exemptions.