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1099 instead of W2, anyone?

 
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Serwa View Drop Down
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    Posted: Jan 28 2013 at 2:42pm

Does anyone file as a 1099 instead of filing a W-2?

 
A contract just ended and I'm thinking about starting work as an independent contractor instead of chasing employee status.
 
I'm doing my research and I'd like to know if anyone else has done, and if you've transitioned from being an employee to business owner/independent contractor. Is there anything that you miss about being an employee? Is it difficult negotiating payment, and actually receiving it?
 
And any other wisdom you may have to offer, of course Smile
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BeatriceBean View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote BeatriceBean Quote  Post ReplyReply Direct Link To This Post Posted: Jan 28 2013 at 2:58pm
I don't know if this is still current (as I personally have always been, essentially, an employee), but according to hubs, that since as a 1099 you have to pay your FICA taxes, you pay 15% more than a W2 employee unless your income is greater than $97,500. If greater than $97K than SS tax drops, but Medicare does not have a cap.
 
But I'm sure that this is outdated so make sure to do your research and talk to a tax attorney!
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Post Options Post Options   Thanks (1) Thanks(1)   Quote iSMILE13 Quote  Post ReplyReply Direct Link To This Post Posted: Jan 28 2013 at 3:00pm
Look into making estimated tax payments

There is a tax accountant on here that will answer your queations
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Post Options Post Options   Thanks (1) Thanks(1)   Quote iSMILE13 Quote  Post ReplyReply Direct Link To This Post Posted: Jan 28 2013 at 3:05pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Serwa Quote  Post ReplyReply Direct Link To This Post Posted: Jan 28 2013 at 3:11pm

Thank you!

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