n. A person working independently, under a contract; a self-employed person.
An independent contractor is a natural person, business, or corporation that provides goods or services to another entity under terms specified in a contract or within a verbal agreement. Unlike an employee, an independent contractor does not work regularly for an employer but works as and when required, during which time he or she may be subject to law of agency. Independent contractors are usually paid on a freelance basis. Contractors often work through a limited company or franchise, which they themselves own, or may work through an umbrella company.
In the United States, any company or organization engaged in a trade or business that pays more than $600 to an independent contractor in one year is required to report this to the Internal Revenue Service (IRS) as well as to the contractor, using Form 1099-MISC. This form is merely a report of the money paid; independent contractors do not have income taxes withheld like regular employees.
Usage examples of "independent contractor".
A decision was reached that ensured the Pace-Trevayne cornpany's emergence as the Space Administration's largest independent contractor of spheroid discs capable of sustaining rocket thrusts of ultimately six hundred thousand pounds.
But I go through a lot of money in a few years' time, and I hated to report failure to Walsh's Private Investigations, the third-largest detective agency in the world, with whom I wished to continue associating myself, as an independent contractor.
I worked as an independent contractor, providing professional services and billing accordingly.
A good portion of the last decade, I spent pursuing arson and wrongful death claims for California Fidelity Insurance, first as a bona fide employee, later as an independent contractor.
I bin an independent contractor for longer than mosta those bootlickers been alive.