Final answer:
An independent contractor should receive a Form 1099 tax statement from the payer, which reflects the income earned from services provided. Unlike traditional employees, independent contractors pay both the employee and employer portions of Social Security and Medicare taxes.
Step-by-step explanation:
The income reporting form that an independent contractor should receive from the person who has paid them for services is the Form 1099. Specifically, if you're part of the gig economy or 1099 economy as an independent contractor, you will receive a 1099 tax statement which details the income you have earned.
It's crucial to note that as an independent contractor, you are responsible for paying both the employee and employer portions of payroll taxes, which includes Social Security and Medicare. This differs from traditional employees who only see 6.2% deducted from their paycheck for Social Security and 1.45% for Medicare, with their employers matching these contributions.