Image source: tweakyourbiz.com
Freelancing can be referred to as working on a contract basis directly with the clients rather than working for a particular employee [job] long term it can be mainly referred to as a self-employment and not being necessarily committed to a particular employer long-term freelance worker is sometimes represented by a company or a temporary agency that resells freelance labor to clients others work independently or use professional associations websites to get work.
PROS:
1. More freedom in scheduling and performing work; freelancing gives the involver the freedom to choose your schedule which is one of the most attractive benefits of freelancing .this is all because an independent is someone that the company cannot direct the means and the method they work the actually have more freedom in their schedule.
2. It is easier to find work; When companies hire freelancers they are not making as much of the commitment are they are when they are hireling an employee and so they may be willing to hire someone for a lifetime with a less impressive resume
3. Freelancing can also be a way to break into a new line of work; The work will have to improve your abilities if one wants to get more as better as the freelancer gets more works he/she gains the experience of the work done
4.work at home positions more likely; while independent contractors just because they are not so closely overseen as the employers they are more likely to be based at home place of which can be a benefit to the company to hire contractors because it doesn’t need to provide office place for them at the workplace.
5. It can be referred as a tax-deductible business expense; the self-employed can write off a number of different business expenses on their income taxes which is among the self-employment tax deductions work at home contractors enjoy is the home office deductions
6. In freelancing there are no taxes taken out of payment; this is where the checks that the independent contractors receive from the client are typically larger than they would as employees because not taxes that are taken out which doesn’t mean that they don’t owe taxes but they get more money upfront.
7. In freelancing compensation may be higher; this is whereby some of the companies would see it higher because hireling a contractor may be cheaper for a company .it may be able to offer a high rate of compensation which can be referred to as a by no means case
8. Freelancing gives the freelancer some space to do something else; in that, it gives a chance for a work at home positions more likely which gives him a chance to do something else.
9. Due to that it is an independent job there are no limitations in working; the freelancer is not always committed to a particular employer in a long-term freelance worker
10. A freelancer can decide for his/herself whether to be on duty or not; he or she as nobody to control or direct the working.
CONS:
1. Not required to receive the minimum wage; because an independent contractor is often done on a project basis of which it operates without the guarantee of what the hourly rate might be or whether it is greater than the minimum wage.
2. Freelancing sometimes involves higher taxes; this is in that the employers pay half of the cost of unemployees which includes many types of taxes that are deducted from the employee’s salary the deduction involve social security and Medicare taxes contractors pay all of these taxes through the self-employed tax.
3. Cost of running the business; while it is nice that the costs of running a business are tax deductible it even becomes nicer when somebody else is paying for your internet connection office supplies and all the other business needs of which typically it is the employers that pay all these types of costs.
4. Tax payments; whereby employers collect income and payroll taxes through the payroll deductions and send them to the government .independent contractor must take on sending these payments and quarterly estimated tax payments may be required.
5. Sometimes there may be no benefits; in such jobs, there are required to have the benefits like health insurance vacation retirement plans and many others that should be offered to the employees. Of which leads to limiting the employer.
6. There may be less job security; whereby companies hire independent contractors often because they have short term projects or irregular workflow contracts work may come in feast or famine stints.
7. Payments often come on an irregular basis; as the work can be irregular so can the payments which can lead to personal budgeting difficulties.
8. Invoicing and collection is the responsibility of the contractor; unlike a paycheck which comes on schedule with no action by the employee, the contractor must usually send an invoice to be paid.
9. It can lead to total loss; this is whereby in case the client never pays at all this means that it falls on the contractor to take the legal action or accept being stiffed.
10. A time it requires a lot of follow-ups; this may arise in case if the invoice is not paid on time it is the contractor who must follow up to ensure the payments are done.
