Rules And Regulations Regarding 1099, W2 & C2C Recruits - CiteHR

Q&A Home Post New All (Q&A) My Library #Tags Members Market

Interest Tags

No Tags Found!

Trending Tags

Trending

☰Home#Id Act #Model Standing Order #Labor Law #Legal Action #Hr Director #Annual Returns #Grievance Redressal #Service Bond #National Holiday #Employee Pension #Work From Home Policy #Ceiling Limit #Waste Management #Labour Laws #Fake Documents #Recruitment Process #Social Media #Minimum Wages #Basic Salary #Pf Account #Background Verification #Provident Fund #Income Tax Rules and regulations regarding 1099, W2 & C2C recruits ×

Login Or Register

Community Support and Knowledge-base

• 

Login To Your Account Forgot password Back contract to hire us it recruitment income tax consulting companies tax deductions self employed it recruitment City-India-Hyderabad Country-India arun26j 1 Hi All, Can anyone help me in getting the information abt 1099,w2 & c2c in recruitment. Help me ASAP Regards Arun 20th September 2006 From India, Hyderabad Add Reply → Start New → Saikiran 3 2 Hi, A W2 hire by a company is a direct permanent hire and W2 refers to the IT form that is filled out by the company and handed over to the employee when its time to file the taxes for the year. A 1099 is also a an IT form like the W2 that is used by direct contractors - ie not by those who are going thru' consulting companies. The 1099 is given to the direct contractor by the company that uses his or her services. C2C is basically the sub-contractor format of hire where a comp routes the hire thru' a consulting company and a retainer or a certain amount of money, often called the "contracted amt" , is given by the company to the consulting company. The consulting company would be paying 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 comp and he or she will get a W2 from the consulting company. SK 20th September 2006 From India, Bangalore hari_pandu 6 3 Hi. I am here with few inputs. 1099 - It is a temporary employement.The employee him self will pay taxes to IRS [US Govt.body] Only Citizens and Green card holders eligible to work as 1099 employees. W2 - Here taxes will be paid by the employer to IRS.GC,Citizens and H1B come unders this type of employement. C2C- Corporation to corporation.Here employee will be on the payrolls of company 'X' but working for other corporation.It is only for contract jobs. regards Hari 20th September 2006 From India, Hyderabad sonuateeq 7 4 Hi. Lets discuss about 3 tax terms in 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. Pls share more information about all above taxes. 28th September 2010 From India, Thrissur sonuateeq 7 5 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. 28th September 2010 From India, Thrissur sonuateeq 7 6 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. 28th September 2010 From India, Thrissur seshu79 2 7 Hi , More Importantly there is form called W4 ( Employees Tax withholding Excemption certificate). At the time of New hire it is employers obligation to get this form filled and deduct the taxes accordingly in receptive pay roll 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) 28th September 2010 From India, Mumbai umasj.hr 8 Hey ppl, interesting discussion. I was just preparing for an Interview for US IT recruitment, the above replies were really educative! Thanks a ton. Post more educative stuff for a beginner to understand. Thanks again. 26th August 2012 From India, Chennai lucky pandit 9 Hi Friends I want to know for 1099 someone should have his own corporation or not 10th October 2013 From India, Delhi arunsudhausa 1 10 Hi I m giving you my set of inputs backing up the discussion. Contract- W2 – Will be working as a contract W-2employee for the company. Contract to hire -W2 – Will be working as a contract W-2employee 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 1099employee for the company. Contract to Hire - Independent – Will be working as a contract 1099employee 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. 15th January 2014 From India, Bangalore Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals. Other Discussions That May Be RelevantRules and regulations of service and conduct - doc downloadRules & regulations of private limited companyWhat labor/compliance rules and regulations does a it software (product based) company should follow.Related Files & Downloads Shared By Members Brief Rules & Regulations Reg. Passports.pdf Rules and Regulations.pdf Rules & Regulations.doc India, Hyderabad 19 September 2006 06.34.43 PM Views: 17877 Replies: 9 Appreciations: 19 #Contract To Hire Recruitment Mantras For HRMs-AVSs Desk10-06-2012 | India, MadrasHiring Freshers - IT Help Desk Support03-03-2014 | India, BangaloreOffer Letter Not Received04-05-2014 | India#Us It Recruitment Is It Worth Doing Sap Hr? - Doc Download13-06-2007 | India, New DelhiUS IT Recruitment Flow Chart.... Trainig Procedures..08-11-2007 | India, HyderabadCourses On Recruitment08-02-2008 | India, Madras#Income Tax Apply Online for new Pan Card - some key reasons why acquiring a new PAN card is essential12-04-2024 | India, KanpurPlease help me with salary breakup of 1300000 & 60000002-05-2024 | India, DelhiTax Implications of Gratuity Deductions from Employee CTC03-05-2024 | India, Hyderabad#Consulting Companies Fake Resumes In USA27-11-2011 | United States, LivermoreIt Recruiters Needed To Work Us Time - DOC Download13-12-2011 | United States, BellevueAssistance Required In Home Based Business22-02-2012 | India, Mumbai#Tax Deductions Withdraw My Pf Amount But They Are Asking For Form15H/15G02-11-2016 | India, UndefinedNeed Advice On PF Contribution For One Of Company Directors.02-11-2016 , KolkataIs Employee Advance Taxable If Yes Pls Provide Current Tax Rate12-01-2017 | India, Delhi#Self Employed PF Withdrawal - new company does not has the facility of PF31-12-2014 | India, MumbaiPF Settlement15-04-2015 | India, KalyanCoverage Of Old Employee Under ESI And EPF13-03-2016 | India, Bangalore#It Recruitment Suggestion for HR course as per the current trends in HR20-09-2017 | India, MumbaiWhether HR analytics is preferred for future growth or any other courses?05-12-2017 | India, HyderabadHow to do cost saving in personnel/HR department?11-01-2018 | India, Thane Contact Us Privacy Policy Disclaimer Terms Of Service All rights reserved @ 2024 CiteHR ® All Copyright And Trademarks in Posts Held By Respective Owners.

Reason for vote

Vote Type: Agree / Acknowledge Disagree/Amend Close Vote Update Remove Vote