1099 Contractor

That's comical... I have no clue of the amount of deductions you have, it wasn't previously stated...

I don't need to be good at taxes, I hire a tax company to do it for me, it's worth the couple hundred bucks a year for me.

You never answered who do you work for?

 

http://www.forbes.com/sites/robertwood/2013/11/21/do-you-want-a-1099-or-a-w-2/
According to forbes, an independent contractor pays income tax plus self employment tax of 15.3percent. An employee pays income tax plus 7.65 percent social security and 1.45 percent medicade. So in the end 1099 contractors pay 6.2 percent higher taxes. On 50k thats $3100 a year. On 100k its $6200 a year

 

Lol I guess madman isn't so great at tax knowledge himself

 

Also madmad, as an independent contractor, do you get any paid holidays, paid vacation, paid sick days? Any 401k? Does your "employer" contribute anything to your health care?

 

I have never had health care even when it was available at work i never go to a dr

 

Nope no paid holidays but i get 2 weeks paid vacation

 

I also only have to work 10 hrs a day doing a no stress route monday thru friday

 

My whole point in this thread is that some 1099 jobs are alot better then dealing with the big w2 companys

 

I guess we are arguing differant points. Your job may be great, the point I was making is that 1099s pay more tax. Making the same rate on w2 brings home more total in a year than 1099. A 1099 company had to have considerably higher pay to make up for it

 

I work monday to friday 45 to 55 hrs a week, home every day, easy job, time and a half after 40, paid holidays, sick days, 3 weeks paid vacaion, 401k and I pay $50 a month for health insurance. what does that have to do with 1099 or w2?