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Form 1099
Form 1099, also referred to as the 1099 form, is a tax document used to report payments issued to non-employees. Examples of individuals receiving Form 1099 include freelancers, independent contractors, gig workers, and sole proprietors. A copy is provided to the individual providing services to an organization, and a second copy goes to the IRS, to ensure that the correct amount of income is recorded on the person’s taxes.
Individuals who receive a Form 1099 do not have federal or state taxes withheld. They must ensure the timely and accurate payment of all required taxes on the income issued.
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Non-Disclosure Agreement
A non-disclosure agreement (or NDA) is a contract between a group or individual wanting to protect sensitive information and an individual or group with access to that information. Other terms include non-disclosure contract and confidential disclosure agreement. The document restricts what information can be shared with others. Examples of sensitive information that might be protected…
Non-Compete Agreement
A non-compete agreement is between an employer and an employee, requiring the latter to agree not to work for any competing organization during or after employment. Prohibited actions under such an agreement could include: Starting a new business in the same industry Taking another job Signing another contractor Working for a competing business Working within…
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