Valet Parking - employee payment structure

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Topic: employee payment structure

Message posted by Guest on 22 June 2005 at 5:19pm - IP Logged

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Guest

27 February 2002
242 Posts

I am in the process of starting up a valet service in the Northeast. I have done some research and it seems most existing companies treat there employees as Independant contractors and 1099 them, my accountant is worried about tax issues with this format. It seems impossible to be competitive any other way. Does anyone have any experiance and or input with this issue. Thank you in advance.

Message posted by valetmanager on 22 June 2005 at 7:59pm - IP Logged

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Standard Member

Standard Member

United States
09 June 2005
40 Posts

depends on what area you want to specialize in, airports, hospitals, hotels, resturants, private parties. For the most part only private parties are indy contractors or temp employees used. The other options usually can be handled as full or part time employees. You can stay very competitive still in this industry, it is only on the cuffs of exploding, and this is the time to get in, but again it all depends on what market you are trying to cover.

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Message posted by Guest on 10 July 2005 at 9:57am - IP Logged

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Guest

27 February 2002
242 Posts

help me please
i have valet parking business just started. i will pay all my workers per shift and they get w2. so where is this 1099 stuff comming in ? am i missing something. also i know companies that dont even pay workers just let them keep tips how does that work.? at year end they have no payroll at all? please advise

Message posted by TLCvaletpro on 04 November 2005 at 10:46pm - IP Logged

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Standard Member

Standard Member

United States
30 May 2005
5 Posts

Your payroll decision is a choice you have to make and negotiations with your employees/ contractors also dependant upon your location/ property.

One property I pay strictly cash, since I have complete trusts of the employee/ contractor.

Other properties where I receive check as payment I pay out by check but do not take out taxes and treat them as independant contractors and they are aware of this when they complete the application. However if the contractor makes less than $600 it is not necessary to provide them with a 1099. The 1099 form is something that the business owner must complete and provide to the contractors. But you can still reflec this as an expense for your business.

With the W2 for employees you have to worry about taxes, and additional compensation or benefits for your employees, dependant upon your full time or part time status.

Hopefully this has helped. Feel free to email me for additional assistance.

tlc_valetpro@sbcglobal.net

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RV - TLC Valet Professionals
832-465-2197

Message posted by Mr F on 19 December 2006 at 10:06am - IP Logged

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Standard Member

Standard Member

United States
14 December 2006
3 Posts

Seems to me you also have to worry about one of your driver's getting hurt on the job and when you don't have workers compensation for them, it will be a big problem!

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MR F

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