Thank you for breaking that down for me! I hadn't thought about workers comp. I assumed my taxes would be at least 30% and know I'd have to pay my own health insurance if i want it.
1099 liability
Discussion in 'Ask An Owner Operator' started by ghostcookie, Dec 13, 2021.
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There have been debates on this forum about pros and cons for being hired on 1099 vs W-2. I can't think of all of them. I know that with 1099 you at least are allowed to deduct per diem and instead of having your taxes withheld you pay quarterly estimated taxes, which may or may not be a good thing.
When I was hired on 1099, I was paid substantially more than I would have been somewhere else on W-2 to be compensated for paying more taxes and the occupational insurance.ghostcookie Thanks this. -
On the other hand if you own a trucking company and run your business correctly you can avoid personal liability if a driver you've hired gets into an accident. Your company will still be sued into oblivion in that case but at least you might not lose your house.
TLDR: when you're behind the wheel you're liable for civil suit no matter what.
Disclaimer: I'm not a lawyer, just an idiot on the internet who shouldn't be trusted.Accidental Trucker and ghostcookie Thank this.
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