Alright, on recommendation from @DichotomusPrime, lets talk freelancing, labour and contract law. Transparency: I worked as a research aide for a labour lawyer for roughly a year and I STILL call him for advice, help and clarity when it comes to law. So I'm not an authority.
That said, my first suggestion is to go follow an authority like @/legalinspire. He was recommended to me by Brandon of @/Swordsfall1 and his account and website are some of the best resources for US based law and advice I have EVER seen https://legalinspiration.com/ 
Digging through that site will teach you more than I ever could. But this brings me to my first point: research. When starting as a freelancer, editor, writer, artist etc, look into labour law and labour lawyers in your area. Many labour lawyers deal with a few different types
And yes THERE ARE DIFFERENT TYPES OF LABOUR LAW. Some focus on labour contracts, some focus on union disputes, some focus on federal based law. It interweaves on m many occasions, but look up people who have experience in questions you are asking.
Second: there are a good chunk of lawyers who will do a free or cheap consultation over the phone/online. This is usually so they can get a feel for if you have a case to take and what kinda case it is. Many of them will even recommend you to others if it isnt in their wheelhouse
So, find a lawyer who does a free consultation and just ask questions if they'll let you. Other than that, do your own research into local labour laws.

That said, lets talk Employee vs Contractor. This is where a lot of people can get screwed on technicality.
I am a freelancer on contract, therefore i am considered a Contractor. I am NOT considered an Employee unless my contract STATES that directly. There really aren't any "implications" when it comes to contracts, it either says it or it doesn't.
If your contract doesn't state you are an Employee of the company, then you don't get a lot of the benefits an employee would in the case of a dispute. However, there are definitely ways you can help make your contract airtight to prevent getting screwed as a new freelancer
Side note; benefits for employees and recourse in the case of contract disputes are something I am not very familiar with. Most of what i know boils down to: if its not explicitly stated in the contract, things become a grey area often.
So, lets talk making your contract airtight. Firstly: if you are a freelancer writing your OWN contract (for art, writing what have you) for the sake of commissions or other work, its totally ok to find a template and edit it to your needs.
Google Docs actually HAS contract templates if you go into their templates section. So as long as you have a google account, you can find a template to alter. If you work for a person who writes up a contract that you like, dont be afraid to ask them if you can use it as a base!
I've done this once already with a contract I found to be VERY well written, and my boss at the time was perfectly comfortable sending me a "blank" copy of the base contract to fill out.
Make sure your contract is DATED and SIGNED by both parties (yourself and your contractor), and ideally get the proper company name associated with the signature.

Build timelines into your contracts. Put in a line about the work being done by X date, with leeway if needed.
If you're feeling generous, put in a line about the terms of the payment or due dates for payment being negotiable if BOTH parties sign an agreement to renegotiate, or at least sign a NEW contract with new due dates/payment dates. This keeps everything as a concrete record.
Make sure your contract states EXACTLY what area of law it is pertaining to, especially if you work for international clients. If you live in New York, state that it'll follow New York labour law. It will make dealing with disputes and doing research much easier on you if needed.
Finally, in your contract, give yourself and your contractor some leeway. Give them a week grace period to pay you if needed. Ask them for a week grace period on due dates if you have a lot of comissions. Ive never seen anyone get upset over that transparency.
Its honestly a good show of respect for you and for them, and it gives you and them a week to get ducks in a row in case they need to dispute something. Its a benefit all around and theres no reason for you not to do it. It also helps account for life being a pain.
Finally, freelancers: I know some folks don't like using Paypal, but for freelancers just going started, Paypal Business is a FANTASTIC resource because it lets you easily create an invoice that requests any currency AND. AND. It keeps downloadable copies of those invoices.
Why are invoices important? Because taxes. Like it or not you will need to list your work on your taxes. Having the invoice confirms dates for your work, confirms amounts, and ensures that you have a record of who paid and who didnt.
There are other ways to keep track of hours worked and invoicing as well. Programs like Quickbooks and Clickup have time trackers and invoicing built in. I tend to use Paypal invoices just because its a clean interface and i set my rates in a way that the math is easily done.
Once your contract is signed by both parties, make sure to lock down a copy that can't be changed unless you both agree on it (this is more for the sake of digitally signing contracts but it stands).
Keep a spreadsheet of invoices paid and invoices still out, just so you can see it all in one place and easily tally it for your taxes at the end of the year. some programs will do it for you, again I just do it myself.
IF YOU WORK FROM HOME: Look into what it takes for you to get your workspace noted as your office space. Based on how much you make you might be able to write off some SERIOUS resources on your taxes and get reimbursed for them.
Resources including, but not limited to: Software like Adobe Suite, office supplies, laptop/computer parts and repair, peripherals you need etc. Research the tax law in your area so you're familiar with what you can write off.
This is more specific to my area, but up in Canada you don't consider yourself a "business" under tax law until you make 30k in a year. Thats when you get a business number and have to start charging sales tax etc for your services.

This isn't the same everywhere.
So check and make sure if you need to charge taxes on your service depending on what you make. Most if not all of this information should be readily available through your local government websites or ask that labour lawyer you researched from earlier in the thread.
Final suggestion for now: look into freelance organizations. For example, Editors Canada for freelance editing in canada. Not necessarily for the sake of joining, but for looking at their metrics for WHAT YOU SHOULD BE CHARGING. Study others in your field.
You have EVERY RIGHT to charge a living wage as a freelancer/contractor for your work AS A BASELINE. If you have a degree related to your work, college, bachelors, masters or whatever, you should be charging MORE than your perceived starting point.
The biggest mistake I made and a lot of freelancers make is that if you are EDUCATED in your field or have extensive EXPERIENCE: THAT MAKES YOU AN EXPERT. Charge accordingly. You'll get less work, but the work you get will be more worth your time.
Final thoughts: transparency, candor and respect all go hand in hand with freelancing. Make it clear why you charge what you charge. Make it clear how many projects you have going simultaneously. The people you WANT to work for, will appreciate and accomodate if they can.
For now, this is the best I've got. Some of it is vague, most of it is just starting points, but when it comes to legal stuff and contracts, starting points are honestly the best I can give. I'll add to it as I find/discover more resources!
Last tweet in this thread unless i find more resources I can add: My DMs are open. If you want to ask a question about contracts or freelancing or how I handle it, hit me up! If I don't have an answer, I'll be straight up about that. If you need help, I will call my guy and ask.
That's just how I am. If I have a clear way to help out, I will, if not I'll tell you. So please don't be afraid to ask if you have a question for me.

Or if you just want to chat ttrpg stuff. Thats cool too. xD
You can follow @EldritchCrow.
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