Employee vs Independent Contractor: The Hidden Payroll Costs Every Business Owner Must Know
Автор: Spark Bookkeeping
Загружено: 2025-07-29
Просмотров: 164
Описание:
Breaking down the real cost differences between hiring employees vs independent contractors! 💰
In this video, I explain the key financial distinction that every business owner needs to understand when deciding between employees and contractors.
Key Points Covered:
Why payroll creates additional costs beyond salary
Federal FICA taxes: 7.65% employer contribution (Social Security + Medicare)
FUTA tax: 0.9% on first $7,000 of wages
Workers' compensation insurance requirements
Employee benefits costs
Whether you're a small business owner, entrepreneur, or just curious about employment costs, this breakdown will help you make informed hiring decisions.
Timestamps:
0:00 - Main difference explained
0:15 - Payroll tax breakdown
0:30 - FICA and FUTA costs
0:45 - Additional employer expenses
#smallbusiness #Payroll #EmployeeVsContractor #BusinessTips #Entrepreneurship #PayrollTaxes #FICA #WorkersComp #BusinessFinance
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