The "Gig Is Up Act" proposes significant changes to how certain large businesses handle payments to their independent contractors. It requires companies with gross receipts exceeding $100 million and engaging at least 10,000 independent contractors annually to treat payments to these contractors as wages for payroll tax purposes. Under this bill, the employer's portion of Social Security and Medicare taxes (FICA) on these reclassified payments would be doubled . Consequently, independent contractors' self-employment earnings for Social Security calculations would include these reclassified wages and half of the increased employer tax. These provisions are set to take effect for remuneration and other payments made after December 31, 2026, aiming to alter the tax obligations for large businesses heavily reliant on contract labor.