There are no additional conventional employee benefits. You are essentially a freelancer. You must do your accounting and taxes. The benefit is just being able to work from home and teach wonderful children and students in China.
Nothing monetary, just the wonderful relationship you build with your students.
Just the love and relationship you build with your students. Other than that, there are no other standard perks or benefits. Just the love of teaching.
Pro: Flexible, choose your own house, work from home. You open your timeslots to suit you. If you go on vacation, you can either leave your schedule closed, or teach on the road. Want a day off, take a day off :) Want a month off, having a baby, take a month off... Endless options. Con: As an independent contractor, you must take care of your own taxes.
$20/hour is quite good in this economy, as well as for the amount of work involved. You are an independent contractor.
Monthly payments can be a stretch vs. being paid every two weeks like almost all companies pay in the States.
List based on reports from current and former employees. It may not be complete.