Helen Writings
Tanger Business News – Automotive Industry.
Carlos Ghosin, Renault Nissan CEO said the French and Japanese car plant will provide low-cost cars to the international market insisting on the fact that it is impossible to achieve this level of production in Western European based manufactures as a result of high cost factors. This can be a highly important success for Morocco and the industry sector.
Renault Nissan manufacturing agreement with Tanger free zone to build a €600M factory to make 200,000 cars by 2010 proved that the Plan Emergence that sees Morocco as a platform for producing and export to totally different regions is a wise and far sighted one., Any investment by the Group of another €200M to €400 M is foreseen depending on the level of car production. Renault Nissan producing yard can be the largest at the crossroad of Europe and the Mediterranean area. This business venture will give a potential of 6,000 straight jobs and up to 30,0000 related ones.
Delphi Automotive Systems Morocco Unit has created jobs thus so much in Tangier and nevertheless employs 2,289 staff and also the new Delphi Packard Systems Morocco Unit in the Tanger free zone that can use 1,one fifty two workers. Delphi has become the biggest automotive part manufacturer in Tangier. The Michigan primarily based cluster present in Morocco since 1999, employs 170,000 staff in thirty six countries and chose Morocco as a result of of its enticing incentives for investment and its key geographical location.
Tax free business news update in Tanger med.
Tanger Regional Investment Centre recently announced that they would help in the creation of 796 enterprises during the primary quarter of 2008. The largest sector was services with 46.23 % followed by public works and building business at 27.64% emphasizing Tanger’s property boom, trade at 19.9% and business 1.5%. This shows a healthy Moroccan business development in Tanger.
Tanger free zone currently hosts over 352 international corporations together with aviation , IT and automotive construction amongst several others provides a perfect location for foreign investors to line up producing plants which will export tax liberal to Europe and world wide locations via Tangiers Airport and therefore the Tanger hub harbour. Industry agreements concluded with the US, EU, Turkey, Egypt and Jordan provide added impulsion to the business export effort.
Tanger’s geographical location makes it ideal for exporting to Europe, Africa, the USA and also the Middle and Far East. An example of this is often Morocco’s export of Logan’s automobile brand to Egypt according to the Agadir agreement as introduced via the Minister of Industry. Tunisia and Jordan will conjointly be important areas for the Logan.
Cheap manufacturing options can be found in Tanger Free Zone for the US automotive suppliers. So far, Delphi Group has generated 3,441 jobs in 2008 due to an agreement signed with the Nationwide Organization for the Promotion of Jobs and Competencies (ANAPEC).
Tags: automotive, car, exports, imports, tax
Posted in Taxes · March 8th, 2010 · Comments (0)
18% of people are categorized incorrectly… and the cost of being wrong can be pretty high!
There is a big difference between an employee and an independent contractor when it comes to federal taxes. If you are incorrectly categorized as an independent contractor when you are actually an employee, you could pay a lot more on April 15th. Find out below and find out more at irs.gov.
Employees
As an employee, your employer pays half of your FICA and Medicare tax. You pay 7.65% and your employer pays 7.65%.
As for federal income taxes, most employees elect to have their employers withhold tax from their pay on Form W-4.
Independent Contractors
As an independent contractor you pay the entire 15.3% of FICA and Medicare tax (referred to as “self-employment tax”).
In addition, independent contractors do not have pay automatically withheld for federal income taxes. They make federal income tax payments , or Estimated Tax Payments by sending in Form 1040ES.
Am I an Employee or Independent Contractor?
The biggest factor in determining if you are an employee or an independent contractor is who has the control of the result of your work: you or someone you are working for? If you have the majority of control, you are most likely an independent contractor. However, if the organization (or person) that you are working for has the majority of control, you are most likely an employee.
The IRS specifically looks at the following three areas of control for determining a worker’s classification. Here are how some of the factors could be applied to these areas:
Behavioral Control – if someone else controls what work will be done and how the work will be done, you are most likely their employee. If you receive direct instructions from someone else concerning your work, such as when, where, and how to do the work; what tools or equipment to use; or where to purchase supplies and services, you are most likely an employee.
Financial Control – if you have a significant financial investment in the work you perform (including assets or tools you need to complete the job), you are most likely an independent contractor. If you are responsible for purchasing the tools and materials needed to complete your job, you are most likely an independent contractor. If you will personally realize either a profit or a loss, then you are probably an independent contractor.
Type of Relationship – if you receive benefits (such as health insurance, retirement plans, or paid leave) from the person or organization you work for, then you are most likely an employee. There may even be a written contract that details the nature of your working relationship, i.e. employer and employee or an explicit statement that you are an independent contractor.
What Does it Mean to be Classified as an Independent Contractor?
If you are an employee and you are incorrectly being treated as an independent contractor, your tax bill is going to be much larger than expected. On top of being responsible for the entire amount of FICA and Medicare tax AND having no withholding, you will also be assessed an Estimated Tax Penalty for failing to properly make your estimated tax payments (even though you may not know you needed to make them). Or have unfiled tax returns.
What Do I Do if I Am Not Sure About my Current Classification, or If I Disagree with My Current Classification?
The IRS will issue a determination for you if you either disagree with your current classification or cannot decide which is the correct classification for you. You will need to file Form SS-8 with the IRS, in order for them to make a determination on your behalf. Once you submit the form, the IRS may ask for additional information from both you and whomever you worked for. A technician will be assigned to the case and will make a determination based on the facts of the situation and the law.
It could possibly take six months or more for the technician to make the determination – so don’t expect a quick turnaround time. While you are waiting for a decision, you can file Form 8919 with your federal income tax return, in order to pay your half of the FICA and Medicare taxes.
If you do not agree with the decision of the IRS, you cannot appeal; however, you can request that the office reconsider the decision if you have additional information that was not previously included.
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Tags: Unfiled Tax Returns
Posted in Taxes · March 7th, 2010 · Comments (0)