Being a freelancer (a “1099” contractor) means that you are already self-employed and providing services to Raise.
As a freelancer, you will provide Raise with applicable tax forms during onboarding and are responsible for managing your own services, including tracking your income and expenses.
This classification impacts:
- Tax Withholding: Unlike W2 employees, taxes are not automatically withheld from your payments.
- You are responsible for paying your own taxes such as federal, state, and possibly local taxes.
- You will complete a Form W-9 during onboarding.
- Social Security and Medicare: You are responsible for contributions to Social Security and Medicare payments
- Year-End Tax Forms: At the end of the year, you will receive a 1099-NEC form from Raise if you earn $600 or more during the tax year.
Year-End Tax Forms:
- If you are a US Citizen, at the end of the year, you will receive a From 1099-NEC from Raise if you earn $600 or more during the tax year.
- If you are not a US Citizen, you will receive a Form 1042-S if you had taxes withheld on your payments.