Construction companies usually need to pay their workers what’s known as a prevailing wage. Contract retainage, which is the amount of money that customers can withhold until they are satisfied with a project, is typically 5-10% of a contract’s value. Revenue recognition is how a a business determines when they’ve officially earned revenue from a […]
Contract workers are also typically required to pay self-employment taxes. If you don’t receive a 1099-INT and you think you 1099s are used should, contact the financial institution you expected to issue you one. If you still haven’t received the form by the end of February, you can contact the IRS for assistance. If you […]
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