1099 Contractor

Right on. I had some eye problems again this year, and the list price for all my care so far is just under $80 K. I hit my stop loss at $4,600. Second year in a row I hit my stop loss.

I like $4,600 better than $80K. Should I re-evaluate?

 

If you are a 1099 worker you will be good with the 80k since you would make the big bucks with no tax......

 

We might have a similar plan... I have bcbs and my hospital stay cost me $180,000 I'll happily pay my $4600 and let them take the other portion of 180k lol... That's a no brainer... Without insurance I would be dead with debt lol

 

Scam

 

??

 

old thread bus since I am searching for some 1099 answers I thought I would reply here to OP.
I am a 1099 company driver. Just started it. The thing is that a company has to pay about half your wages amount to unemployment and other costs associated with hiring an employee including work comp. This causes company to spend lots of cash on you.
When they 1099 you they dont pay squat. You do. you no longer can qualify for unemployment either. How ever the company I work for does pay for work comp for me.
As a 1099 driver they can not tell you when to pick up a load or to do it at all. they can only offer a load. They can not tell you when to deliver it or anything else. It is your choice.
You also pay a much higher income tax for being 1099. A employee pays say 15% but 1099 pays 25% plus local taxes and income taxes based on your income amount. You have to keep out about 40% of your gross pay to cover all the taxes you have to pay.
You do have deductions. $46.00 a day for perdium. Most other things related to your driving.
1099 is good for a company but bad for you unless you make plenty of money.

 

Why did you decide to go with a 1099 position versus a W-2?

 

Problem I have with the whole 1099 versus W-2 debate
is that while the companies who pay 1099 say the reason they
do it is for less hassle on their part. They write the employee a
check and done. Most 1099 companies will tell you that they pay
enough extra to make up the difference. I have yet to see any
company coming even close to paying the difference.

Especially if I figure in the cost of health insurance. I figure the
difference between a job that pays W-2 versus 1099; if W-2 also
pays my health insurance, is a minimum of $5 an hour.....or about
$10,000 a year.

$25,000 a year on W-2 with health insurance , I would have to earn
close to $35,000 a year on 1099 to earn the same amount. I figured
some extra for over time, holiday, sick days that many W-2 pay
that 1099 usually don't.

 

I needed a job. 9 months sitting on the couch was killing me. Tried to mow the lawn and work on the car and i felt like I had been weight lifting all day.
I made 3 bad decisions as to whom to work for when I decided to go to hopper work. 3 weeks on one job and made 500 bucks and was laid off. 7 months working hauling DDg's mostly running with no authority over state lines and no trip permits in 9 states and made a whopping 12 k. Then 11 months at good pay on decent job but when my trailer lights kept going out and were not being fixed and I ended up not having blinkers it ended. I was told to haul trailer back to kansas even though no blinkers. I refused and they fired me.
Seems truck companies do not like that. They don't want you refusing to run their illegal unsafe equipment when they tell you to. They also probably dont like that I am suing the company that fired me.

So i took a job that was offered to me. Does not pay much at all and on top of that I have to pay out all them taxes. But it is a job. It is just not enough money for truck owner to do the w2 because he does not have authority and leases the truck to another company. That takes away a chunk of income. So he only does 1099. They do pay for my work comp.
If not needing a job at the time I would not have taken 1099. Only good if you are making lots of money. 1k a week employee is good but 1099 would be far less especially when you consider the things you do not get as 1099 driver