Daily timesheet for contractors

The Base Wage Rate refers to the minimum fixed compensation an employee receives for performing specific job responsibilities. It does not include bonuses, benefits, commissions or other forms of additional compensation. This rate is typically determined by the skills, experience and responsibilities required for the position.

A Contractor is an individual or company that is hired to perform specific tasks or provide services within a given period under a contractual agreement. Unlike regular employees, contractors are not part of the company’s staff and do not receive benefits or employee rights. They are often hired for specialized jobs for a limited time or for specific projects.

Full-Time Hours refer to the conventionally accepted amount of hours an employee is expected to work in a week in a full-time job. Depending on the country and/or industry, this typically ranges between 35 to 40 hours per week. Full-time employment often comes with benefits like health insurance, paid vacation and sick days, which may not be available to part-time or contract workers.

Hours Worked refers to the amount of time an employee spends on job-related tasks in a specified period. It usually includes regular working hours, mandatory or voluntary overtime, and training hours. It's crucial for calculating compensation, benefits, and compliance with labor laws.

An independent contractor is a person or entity engaged in a work performance agreement with another entity as a non-employee. They provide goods or services according to the terms of a contract they have negotiated, are paid a flat fee for the job, and are responsible for paying their own taxes. Independent contractors have more control over how they complete their work but receive fewer protections and benefits than employees.

The Operating Budget refers to a detailed projection of all estimated income and expenses that a business expects to incur over a certain period, typically quarterly or annually. It usually includes expenses for running daily operations and revenues from core business activities. This budget is an essential tool for planning and managing resources effectively and efficiently.

Self-Employed Health Insurance Deduction is a tax benefit that allows self-employed individuals to deduct premiums paid for medical, dental, and qualifying long-term care insurance coverage for themselves, their spouse, and dependents. This deduction is calculated on Form 1040 and can significantly lower a self-employed person's adjustable gross income. However, it's only available if they are not eligible to participate in a health plan from an employer or their spouse's employer.

Self-Employment tax is a tax that one must pay if he/she runs his/her own business as a sole proprietorship, as an independent contractor, as a member of a partnership, or as a member of a limited liability company that does not elect to be treated as a corporation. This tax typically goes toward social security and Medicare contributions. The rate is determined by the individual's net profit from his/her business.

A Self-Funded Plan is an insurance arrangement predominantly used in health coverage where the employer assumes the direct risk for payment of the insurance claims for the benefits provided to its employees. Instead of paying fixed premiums to an insurance provider, the employer pays for the covered claim costs out-of-pocket. This plan allows the company to save on insurance costs by bearing the risk themselves and putting money aside for potential claims.

Work-Life Balance refers to the equilibrium between professional responsibilities and personal life activities or leisure time. It's about striking a balance between work demands, such as work schedules, workload, and pace, and personal life including leisure activities, family time, and personal interests. Maintaining a good work-life balance is critical to reduce stress, enhance job satisfaction, and improve overall wellbeing.