Hi All, Can anyone help me in getting the information abt 1099,w2 & c2c in recruitment. Help me ASAP Regards Arun
From India, Hyderabad
From India, Hyderabad
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
From India, Bangalore
3A 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
From India, Bangalore
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
From India, Hyderabad
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
From India, Hyderabad
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.
From India, Thrissur
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.
From India, Thrissur
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.
From India, Thrissur
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.
From India, Thrissur
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.
From India, Thrissur
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.
From India, Thrissur
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)
From India, Mumbai
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)
From India, Mumbai
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.
From India, Chennai
From India, Chennai
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.
From India, Bangalore
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.
From India, Bangalore
Find answers from people who have previously dealt with business and work issues similar to yours - Please Register and Log In to CiteHR and post your query.
Rules and Regulations for Employees.doc
Brief Rules & Regulations Reg. Passports.pdf