Posted: 8/16/2010 7:38:19 PM EDT
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Does anybody here do the 1099 thing? I've got a bunch of questions if somebody here wouldn't mind being pumped for information.
Thanks |
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––if you plan to go to 1099, and you are now w2 with benefits, then i think you'll need to get your own health insurance plan. ––then there is the self employment tax. ––and you'll need to pay federal taxes quarterly if the 1099 is at least 90% of your income source... i think. ––i think the car (fuel, repair, maintenance) is deductible, but you'll need to track millage for work/nonwork usage percentage. talk to a CPA.  will a 5% increase cover the cost of above? as far as i know, a 1099 always gets paid more per hour (maybe 15% to 20% depending) because the employing company does not pay for any overhead such as insurance, unemployment, etc. |
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Quoted:
––if you plan to go to 1099, and you are now w2 with benefits, then i think you'll need to get your own health insurance plan. Expected that. Quoted:
––then there is the self employment tax. That's the other half of the Social Security and all of that. Quoted:
––and you'll need to pay federal taxes quarterly if the 1099 is at least 90% of your income source... i think. No problem. Quoted:
––i think the car (fuel, repair, maintenance) is deductible, but you'll need to track millage for work/nonwork usage percentage. That's an excuse for me to make a little GPS Logger with a Official / Personal switch. :) Quoted:
talk to a CPA.
What CPA will kow more than AR15.com? Quoted:
will a 5% increase cover the cost of above? My company gave me a letter showing my total compensation including their parts of the taxes and insurance and all of that. I was planning on going at least 5% more than that. Quoted:
as far as i know, a 1099 always gets paid more per hour (maybe 15% to 20% depending) because the employing company does not pay for any overhead such as insurance, unemployment, etc. Yep. |
