Contingent Workforce Solutions
Contractor Services
As a contractor, the benefits of being a W-2 employee of Synergy are extensive. Not only do you save from the employer portion of FICA taxes (7.65%), but you also receive the benefit of Social Security, Medicare, Federal and State Unemployment tax and Workers Compensation payments made on your behalf.
The Managed W-2 Offer from Synergy provides exceptional benefits to contractors including:
Assume statutory benefits
A Synergy W-2 employee receives the same statutory benefits as a full-time employee including Workers' Compensation, unemployment insurance, social security, and all other programs at the federal and state level. This offers additional protections to the contractor.
Avoid costs for incorporating and professional insurances
Synergy takes responsibility and assumes the costs associated with establishing articles of incorporation and registering to do business in each state on behalf of its contractors. Synergy also carries a number of business insurances including professional liability, general liability, Workers Compensation and non-owned auto insurances. These are insurances Synergy pays for its contractors that they would otherwise have to assume on their own.
Avoid quarterly reporting requirements
As a 1099 contractor, there are a number of reporting requirements to the IRS and State Workforce Commissions that must be completed on a quarterly basis. As a W-2 employee of Synergy, there is no reporting required and W-2 forms are automatically issued at the end of the year for income tax purposes.
Obtain lower cost benefits and accelerate payments
With Synergy, our contractors can pay for medical expenses, premiums and dependent care services using pre-tax dollars by subscribing to the Synergy Benefits Program. There is no additional cost to the individual for administering the plan. The Synergy Cafeteria Plan is just another of the flexible services offered to contractors at no additional cost to the client or the contractor. Contractors also receive their payments immediately through Synergy’s direct deposit option. This means contractors do not have to wait for invoices to be paid in order to receive income, which improves cash flow and accelerates contractor’s ability to earn additional interest income on their payments.
Contractor Benefits
Synergy offers a variety of additional benefits to contractors who meet specific conditions to promote retention and maximize overall contractor satisfaction. By offering these services, contractors can focus on providing the best service to clients without unnecessary distractions. Contractor benefits for eligible W-2 contractors include:
- Medical
- Dental/Vision
- Voluntary Insurance Programs
- 401(k) Retirement Plan
- Dependent Care Flexible Spending Account
- Direct Deposit
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