THE 1099 & SELF-EMPLOYED ECONOMY

LARRY'S ANYTHING GOES LLC. NEWSLETTER

With rampant job losses up to forty million and counting in 2020, multiple questions are created for the future American economy. The remote working and 1099 workers are becoming a growing, and popular way of running companies in 2020. The definition of 1099 employees are self-employed independent contractors. 1099 employees receive pay in accordance with the terms of their contract and get a 1099 form to report income on their tax return. The definition of a W2 employee receives a regular wage and employee benefits. Their employer withholds income taxes from the employee’s paycheck and has a significant degree of control over the employee’s work. Previous generations such as baby boomers, and generation Xer’s enjoyed an economy where pension plans, giant corporation offices, factories within the United States borers thrived. 

However, in 2020 pension plans are a thing of the past and have been converted into 401k’s, and Individual Retirement Plans (IRA’s). 401k plans that have employees, the employer has the option of making contributions to the employees’ accounts. An IRA, on the other hand, is an individual account, not tied to an employer. Individuals set up their IRAs with an IRA provider. They can choose to contribute a portion of their earned income periodically to the IRA. They can also fund the IRA with dollars rolled over from a former employer’s retirement plan, such as a 401k plan. Also, another thing to note, consumer spending is down, however, savings are up due to today economic uncertainty. There are multiple opinions that in order for new and current small family businesses to thrive, and remain sustainable the size of the workforce, and buildings in which the businesses reside in, are more important than ever nowadays. According to the U.S. Bureau of Labor Statistics stated that up to 20 to 25 million workers within the U.S. are considered 1099 independent contractors. And in the COVID-19 economy, people have been forced to think outside of the regular W2 employee mindset. The term the gig economy meaning workers that are independent, and work based on their own schedules and not their employer's schedules. Gig economy jobs such as UBER, LEFTY, Grubhub, Doordash drivers, and Air BnB host more than half of this increase occurred over 2013 to 2016 and can be attributed almost entirely to dramatic growth among gigs mediated through online labor platforms. Also, the number of gig economy jobs are expected to grow exponentially with the new 2020 stay at home economy all at the same time. The companies of tomorrow will not have a large pay role, Human Resources departments, and large staff as well. Also as a small business owner, not having to worry about paying payroll taxes, health insurance, and paying into 401k retirement plans, elevates a lot of times, money, and other responsibilities. One popular prediction is that the gig and 1099 economy is not only growing, but becoming the way of life for the American worker.  So looking into finding additional ways to make supplemental income has turned into a necessity in the United States of America (USA).

Please look into joining Karatbars International. Karatbars International was founded in 2011. The company specializes in the sale of small gold bars and gift items in gold bullion. The headquarters and the logistics center of Karatbars International is located in Stuttgart, Germany. It is responsible for the support, marketing, customer and partner communication, execution, and delivery of orders. Headquarters also co-ordinates the opening of new countries throughout Europe.

Karatbars offers attractive and affordable options for consumers to purchase 999.9 pure gold bullion, as well as gold merchandising, collector’s items, and gift cards. They are proud of the independence that Karatbars offers consumers to own, manage and control their personal Karatbars purchases. Deliveries in smaller quantities are packaged under video surveillance at the headquarters of Karatbars International, and shipped daily via FedEx.

Join today and become a part of my Karatbars International Team: Sign up as an affiliate here https://www.karatbars.com/?s=lcpatte