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Tax term confusions.

Thillai Sakthi
Ranch Hand

Joined: Jun 17, 2000
Posts: 102
Hi All,
While I search for jobs in dice.com, I see the tax term as FULLTIME CON_CORP CON_IND CON_W2 CON_HIRE_CORP CON_HIRE_IND CON_HIRE_W2 etc., I dont understand what exactly they mean..
Can someone please help?


Regards,
Shakthi
Theodore Casser
Ranch Hand

Joined: Mar 14, 2001
Posts: 1902

These are all terms for different ways that payroll taxes are handled in the US for Income Tax Purposes. The two major ones that I'm aware of are W-2 or 1099.

Form W-2 is a form that specifies one's salary and the amount of taxes the employer forwarded to the IRS, the appropriate state agency and the appropriate locality (where applicable). This helps for calculating what other taxes are due on April 15th. These kinds of jobs mean that you're an employee of the firm and probably will be getting benefits of some kind.

Form 1099 folks are ones who work for themselves and file as self-employed. For thse people, their "employer" generally isn't paying taxes, and this document states to the IRS the amount of money paid, so they can calculate the proper tax payment on April 15th. These also typically don't have benefits, but that may vary from job to job.

I'd assume anything that has IND is probably saying they'll give you a 1099 in January, whereas the others are W-2 positions.


Theodore Jonathan Casser
SCJP/SCSNI/SCBCD/SCWCD/SCDJWS/SCMAD/SCEA/MCTS/MCPD... and so many more letters than you can shake a stick at!
 
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