IRS has provided clear guidelines via form SS8 regarding contractor vs employee relationship.
Overall there are various factors -behavioral, financial, the overall perception of employer worker relationship etc play a very important role in choosing the right classification.
Your company may receive notices from federal and state for misclassification of employees as contractors. This includes payment of back payroll taxes, penalties, and interest.
So, please follow these guidelines in form SS8 from IRS website. If you are still unclear, consult a CPA who can help answer your queries.
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