For many individuals, self-employment as an independent contractor can be a rewarding and satisfying career option. As is true with any employment relationship you enter, it’s important to understand the roles and responsibilities of everyone involved.
Q5. Are there risks and responsibilities associated with being an independent contractor rather than an employee?
Self-employment involves some risks and responsibilities that employees typically don’t assume. For example, the independent contractor assumes all responsibility for tax obligations, handles his/her own benefits, manages billing and collections; maintains appropriate licensing and insurance, and accepts legal responsibilities and exposure associated with performing the job.