Self - employed individuals,
as gig economy workers typically are, often use a Schedule C when filing taxes to report income and write off numerous expenses tied to working the way they do.
All of which can make obtaining a mortgage an uphill climb unless you,
as the gig economy worker, do your homework and start preparing your finances and paperwork well in advance.
Not exact matches
While the president's report does not propose any quick fixes for growth, it suggests that large - scale investment in infrastructure improvements, regulations that ensure the internet remains open to all, and protections for the increasing number of
workers who wind up
as contractors in the
gig economy will be essential.
A California Supreme Court ruling on Monday will make it easier for
workers in the
gig economy, like Uber drivers or TaskRabbit gofers, to claim they are employees
as opposed to independent contractors.
She'd also provide greater protections for contract
workers in the «
gig»
economy, while supporting the innovations of companies such
as Airbnb and Uber, which have built that new sector.
It's a word that, here, does not so much connote an actual small - business owner
as a feeling — an image of the young
worker in the 21st - century
gig economy who DJs on the weekends and, while almost certainly doing underpaid and entirely precarious labour, has earned the right to work from her local coffee shop in the slouchy drop - shoulder crewneck of her choice.
Wage growth has been scarcely better, particularly
as more
workers become contractors in the so - called
gig economy, which offers little by way of job security, benefits, and pay.
As the U.S. job market begins showing some signs of strength, a major threat looms over companies that rely on
gig -
economy workers.
Nearly three - quarters of
gig economy workers have said that they should earn more benefits
as part of their job.
Furthermore, a study by JPMorgan Chase looked specifically at
gig economy workers working for labor platforms — such
as ride - sharing companies — and capital platforms, like temporarily renting one's apartment.
It found that
workers on labor platforms relied on their
gig economy earnings either
as a primary source of income or to make up for poor earnings from nonplatform work.
The DOL's former head of wage enforcement, David Weil, recently suggested that weighing whether
gig economy workers should be classified
as employees or independent contractors is not so different than making the same determination for
workers at brick - and - mortar businesses.84 Existing legal tests to determine whether a
worker is an employee or an independent contractor are multifactor, fact - based exercises based on the level of control a company exerts over the
workers in question.
Meneghello, who co-chairs Fisher Phillips»
gig -
economy practice, said companies will find it difficult to argue that
workers are independent if they have to answer «no» to the question «If you remove the people currently classified
as independent contract
workers, would that company still exist?»
Seventy eight percent of
gig workers consider themselves more involved in their personal finances
as a result of participating in the
gig economy.
Research by Mavenlink
as well
as LinkedIn and PwC shows that it is older
workers, not millennials, driving the
gig economy.
Regardless of why they do it,
gig economy workers almost unequivocally cite uneven cash flows (or concerns about potential variability in income)
as one of the primary drawbacks of this lifestyle.
The
gig economy has thrived on companies using a pool of self - employed or freelance
workers rather than directly employing them but this has, at times, led to a misunderstanding amongst various businesses over who is classed
as self - employed and who is classed
as a
worker.
If implemented in full the recommendations within the proposals could require «
Gig Economy» companies such
as Uber and Deliveroo to pay all their
workers Sick Pay and Holiday Pay and also be responsible for paying National Insurance in respect of these
workers.
Employment status, and how it is determined, has been under the microscope recently following the emergence of the «
gig -
economy», where companies such
as Uber and Deliveroo have been taken to tribunal by
workers contesting their «self - employed» status in search of employment rights.
The «
gig economy» cases forcing this issue have seen individuals, engaged
as «self - employed contractors» by Pimlico Plumbers, Uber, CitySprint, Addison Lee and other employers, claiming «
worker» or «employee» status in order to qualify for national minimum wage, holiday pay and other concomitant rights.
Alternatively a proposed penalty on companies flouting
worker rights by mislabelling a
worker's status
as self - employed contractors could be costly given the number of
gig economy workers.
Experienced
workers» compensation attorneys may view the fight over the classification of
gig economy workers as a potential threat to their practices but
as essentially an old issue that has new prominence because of the rise of companies like Uber.
The bigger story
as pointed out by CNN Money reporter, Lydia DePillis, and widely acknowledged by attorneys and legal academics is the patchwork of different state labor laws and how they will impact the
gig economy and
workers.
As one of the UK's biggest
gig economy companies, the food delivery app defeated a demand by north London couriers for union recognition, and by extension,
workers» rights.
The
GIG economy is here to stay, and as the trend continues to expand it is critical that businesses consider how they engage with their gig worke
GIG economy is here to stay, and
as the trend continues to expand it is critical that businesses consider how they engage with their
gig worke
gig workers.
Diversified
workers are true hybrids, building an income from a combination of some traditional employment (such
as a part - time administrative assistant job), freelance work, and work from the
gig economy of small jobs (such
as Uber or Fiverr).
Some states have passed laws requiring criminal background checks of
gig workers such
as Uber and Lyft drivers, and the EEOC announced that it would focus additional attention on the complex employment relationships in the emerging
gig economy.
The EEOC SEP added the
gig economy — where temporary work and independent
workers are commonplace —
as an «Emerging and Developing Issues» priority area: The Commission adds a new priority to address issues related to complex employment relationships and structures in the 21st century workplace, focusing specifically on temporary
workers, staffing agencies, independent contractor relationships, and the on - demand
economy.