What Is Self-Employment Tax?
Self-employed individuals are subject to different challenges when it comes to taxes. Staying diligent and keeping accurate records can go a long way in easing the frustration.
Chicago joins growing list of cities providing paid sick leave.
Chicago has joined a growing list of states and cities that require employers to provide paid sick leave to their employees. The paid sick leave provisions were added as an amendment to the Chicago Minimum Wage Ordinance – now named the Chicago Minimum Wage and Paid Sick Leave Ordinance – and take effect on July 1, 2017.
Employees are covered by the law if they physically perform work within the geographic boundaries of Chicago for at least two hours in any two-week period, and are eligible for paid sick leave if they work at least 80 hours within any 120-day period.
Employers must adhere to the law if they employ at least one person while operating a business within the city borders and are subjected to city license requirements. The Ordinance applies to all employers, regardless of the number of employees, applies to both exempt and non-exempt workers, and explicitly provides that it applies to domestic workers.
One hour of paid sick leave accrues for every 40 hours worked, and employees begin accruing on the first calendar day after employment begins. Employees can use a maximum of 40 hours of paid leave in a one-year period, and can use the leave for the following reasons:
Other stipulations:
Self-employed individuals are subject to different challenges when it comes to taxes. Staying diligent and keeping accurate records can go a long way in easing the frustration.
Are you starting a new business? Have you thought about where you would like to start a business? Learn more about the best small cities to start a business.
Your filing status is perhaps the most important piece of information when it comes to tax withholding. Learn which filing status applies to you.