Are you hiring or contemplating hiring contractors for your business? Did you hire contractors early in the year? Here is some key info you should know. If you get stuck on any of the steps below, reach out to us on slack 😉
Should I classify my new hire as an Employee or Contractor?
Check out these guides on hiring an employee vs. contractor
How do I set up my contractors in Gusto?
You can add the contractor’s basic info, allow them to self-onboard, send new hire docs, and pay them using Gusto. Gusto will send the W-9 (IRS form to request info from independent contractors) and file the required 1099 MISC forms to federal and state agencies at the end of the year.
There is a fee of $6/contractor/month for this service that we will pass on to you. Add independent contractors
Alternatively, you can do all these manually without Gusto but it’s a bit more involved on your part. And, you will be charged by an efile service provider when you file your 1099-Misc.
How are my contributions going to be recorded in QuickBooks?
Payments to your contractors are automatically synced to Quickbooks. Once Contractors are set up in Gusto, go to Settings > Integration and map in Quickbooks.
When the information syncs to Quickbooks, you will simply Match the payments
Not sure how to do this? Reach out to your Collective team.
What if there are contributions that were not tracked?
It's simple, you can add it in Gusto.