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Post by Deleted on Dec 9, 2013 19:58:42 GMT -5
So I am offered a 1099 job out here in charlotte, well my interview is wednesday at 9:15 am. They said I would be a 1099 employee. I know pretty much off the top I would have to pay atleast 35% to the government and the NSA (So they could spy on me better).
So does anyone know the pros and cons for the 1099 job?
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Post by cabarrusgold on Dec 10, 2013 6:32:17 GMT -5
1099... You own your own company. I guess it's a good way to get around paying insurance, taxes, and any other perks. Plus, they don't have to worry about firing you, lay offs, or workers comp related business. You're on your on. Do you have to provide transportation to job sites? Charge accordingly and pay taxes. What will be your company name?
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Post by goldgit'r on Dec 10, 2013 6:44:19 GMT -5
If you take a job and are given a 1099 you are responsible for all of your SSI taxes.
You also are not eligible for unemployment benefits since your employer will not be paying into the program for you.
You will also be responsible for paying quarterly taxes yourself since your employer is not going to be taking taxes out of your pay.
You can however claim a lot more deductions when you file your taxes @ tools, veh expense etc.
When you are receiving a 1099 you are basically self employed.
By law a person receiving a 1099 should not be paid an hourly wage, should set there on hours, have tools to do the job they are doing and have the chance to make or lose money on the job.
I receive a 1099 from the plant I do work for.
Everyone that does work for me @ subcontractors receives a 1099 from me. Wes
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Post by Deleted on Dec 10, 2013 7:03:52 GMT -5
If you take a job and are given a 1099 you are responsible for all of your SSI taxes. You also are not eligible for unemployment benefits since your employer will not be paying into the program for you. You will also be responsible for paying quarterly taxes yourself since your employer is not going to be taking taxes out of your pay. You can however claim a lot more deductions when you file your taxes @ tools, veh expense etc. When you are receiving a 1099 you are basically self employed. By law a person receiving a 1099 should not be paid an hourly wage, should set there on hours, have tools to do the job they are doing and have the chance to make or lose money on the job. I receive a 1099 from the plant I do work for. Everyone that does work for me @ subcontractors receives a 1099 from me. Wes is there a quarterly tax calculator that I could use? I have an electrician (industrial) interview today, but the other directv job is tomorrow, I got like 2 years installing dishes experience already so I might do that. |
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Post by goldgit'r on Dec 10, 2013 8:05:38 GMT -5
Best thing to do is talk to a tax adviser or accountant.
As for workers comp, if I hire a sub that does not have workers comp I have to pay workers comp on them when I am audited at the end of the year by my Insurance provider.
Workers Comp is not expensive if you are self employed and have no other employees, however it does not cover you. Some businesses require you to have workers comp and general liability before they will hire you to do a job. Wes
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