Freelancer – A Different Style Of Working
More methods of employments are evolving now-a-days that are flexible and cuts various costs to employees. All this developments are only to make their work life balance with family and social life, as well as to earn good sum of money. Working as a contractor has many benefits of its own. One of them can be contractor tax, which means, deductions in all business related taxes.
Take Risk For Better Opportunities
Contractors or freelancers are employees who work on contract basis, but not regular employees. As they are not with full-time employee for an organization or with a project, they only work for certain time period or for few months selling their skills. Contractors have to move from one company to other company very often, whenever they complete their work for a project. Some times, they also work for multiple projects at a time, managing their work schedule effectively, an essential skill for contractors. This is surely a risky attempt for anyone who solely lead their lives on their salaries. But, contractors do take the risk even if there is no job security, and no benefits any other permanent employee gets. This all relates to their job satisfaction and what did they earn at the end.
Eventhough, you are not a part of a company’s employee, you can feel secured in terms of job, if the skills and knowledge regarding your field is in demand. There are many factors to consider to become a contractor such as: ability to work at your own terms and planning your own working hours, without disturbing your work life balance. Earning good money compared to secured, full-time job, as this one of the key reasons for everyone to choose on, benefiting from contractor tax, as self-employment have certain income deductionsand many more.
You are considered as an independent contractor only if you own a share of your business, working for multiple organizations within a tax year every year. You have a specialized skill in your field to be a contractor. Working on a short term project as a temporary employee or you are working for a client for certain period and not on a permanent basis. You are purchasing all supplies, equipment and materials for your business, and your client have the wholesome responsibility on the project you work on, but not you. Contractors must have a good knowledge about the rates they will be paid for the work they do. If a person is not sure of what is the market rate for his or her skills, they can browse some websites that provides information regarding the same. Being a contractor means, there ain’t a sick leave or taking off, no retirement plan, no insurance, or no pension.