What account to have for 1099

1099 means you pay all the taxes. It means your employer is not withholding anything at all. YOU are on the hook for the taxes across the board for the wages you earned. Regular W2 wages the employer withholds according to a specific table based on where you live. You pay the difference at tax time if there is not sufficient withholding. 1099 you pay it all because again, your employer did not withhold anything.

I would strongly suggest getting a professional involved. This isn't something to be fooling with.

 

I couldn't even imagine how much taxes are in the state of New York but save what you you can, you don't want to be unprepared when the taxman comes around.

 

Well, the company you are working for is paying you illegally. Got to wonder what other illegal practices are going on.

No, you need to get away from them before they trash your CDL and you can't get a job anywhere....

 

You should stay away from 1099's
You have to pay the taxes your employer is skipping out on.
Which means approx 15.3% for you to pay. It's an extra 7.5% approximately.
If you get hurt on the job you won't get workmans comp.
If you you loose your job in a manner the would normally qualify for unemployment your screwed you ain't getting that either.
No health insurance either , not even a company plan with low weekly deductions.
I could go on but I'm sure your getting the idea,( hopefully).

Many of these dbag companies wrongfully (deliberately ) give you 1099 contractor classification.
If you have doubts about it call the IRS to make sure.

 

Get away for this or any other online forum. Don’t ask truck drivers.

GO ASK AN ACCOUNTANT. Let YOUR financial people guide you financially.