Going into the oil fields. 1099 or w2?

king v · Jun 29, 2018

Oilfieldmike said: ↑

Also remember unless you have them pay a c corporation that then pays you W2 then you won’t have any social security paid into your retirement.

I’ve seen stories of many people who thought they could cheat on the taxes going 1099 then find out come retirement time they are getting only the minimum and have nothing saved. Or if hurt and going for disability find out they get half as much through SSI because they don’t qualify for SSD

Unless you save the majority of your income (which most don’t) you are just screwing yourself in the end

Better off just to take it on the nose and work W2 and pay the taxes instead of trying to cheat the system for a few extra dollars
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I spoke with my employer and he said he'd also recommend the w2 route. Said its usually just old timers that request 1099 and then of course o/o do it as well.

snowwy · Jul 1, 2018

It's also hard to save up when your cost of living is outrageous. Unless you're living in the truck. Rent is just as high as say, new york or san Francisco.

Brettj3876 · Jul 1, 2018

king v said: ↑

There is an option. A lot of these companies give you a choice upon hire.
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I was in the oilfield for 2 years and only the sketchy companies did the 1099 thing. That's my take but what do I know

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