Is the FICA Really the Smallest Expense?

At some point in their growth, most businesses will need to hire additional help. Often businesses begin by hiring contractors to offload some of the operations from the owner, which are paid as contractors and issued a 1099. As the business continues to grow and the need arises for full-time team members, those contractors sometimes become defacto employees, and therein lies the trap!

It's vitally important to understand the difference between a W-2 employee and a 1099 contractor. The tax consequences are too great to guess and potentially make a mistake! Mark and Jesse break down the differences, and offer some thoughts on the pros and cons of employees and contractors.

Mark Butler, Virtual CFO

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