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1099 and EIN

Discussion in 'Trucker Taxes and Truck Financing' started by lindboep, Apr 7, 2023.

  1. Apr 7, 2023 #1
    lindboep

    lindboep Bobtail Member

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    May 16, 2018
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    I’ve never worked for a company that pays via 1099 I’ve always received a W-2. I’m looking into a new job and the owner says he pays 1099 but said I need to get an EIN and then I would pay myself from my EIN.

    Im a little worried about tax time. How much am I going to have to pay in at the end of the year. Currently I have my W-4 set up as Single and 0 and at the end of the year I usually get a little money back.

    Is 1099 better than W-2? I’ve heard different things from different people.
     
    lindboep, Apr 7, 2023
    lindboep, Apr 7, 2023
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  3. Apr 7, 2023 #2
    Diesel Dave

    Diesel Dave Last Few of the OUTLAWS

    6,595
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    Jan 20, 2010
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    No need for an EIN, that’s only for if your self employed. If your getting it as for a “Company” driver, run, run far away from that company.
     
    Diesel Dave, Apr 7, 2023
    Diesel Dave, Apr 7, 2023
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  4. Apr 7, 2023 #3
    Ridgeline

    Ridgeline Road Train Member

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    Dec 18, 2011
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    Read this carefully.

    Seriously if this owner doesn't have a comprehensive contract, WALK AWAY!

    You can't be forced to take a load you don't want to do.

    You can take time off without much notice.

    MOST 1099 owners are pos cheap *********.
     
    Ridgeline, Apr 7, 2023
    Ridgeline, Apr 7, 2023
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  5. Apr 8, 2023 #4
    JB7

    JB7 Medium Load Member

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    Dec 13, 2022
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    With 1099 you will pay both the employee and employer FICA which is 7.65% of gross pay. You also have to file quarterly estimates and make quarterly payments. Owner wants you to get EIN so you it appears you have your own business. As a true 1099 worker you cannot collect unemployment or workers' comp if injured. As Diesel Dave stated run.
     
    JB7, Apr 8, 2023
    JB7, Apr 8, 2023
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  7. Apr 11, 2023 #5
    Accidental Trucker

    Accidental Trucker Road Train Member

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    Jun 4, 2015
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    As a 1099 employee, you are responsible for:

    all taxes, that includes 15.something unemployment tax (both sides of FICA, as mentioned), as well as income taxes as usual
    Vacation pay
    Health insurance
    Retirement contributions
    Disability insurance

    you have to make close to 55% more on a 1099 to break even with a w-2 with benefits.
     
    Accidental Trucker, Apr 11, 2023
    Accidental Trucker, Apr 11, 2023
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