can somebody tell me ?

hercules · Jan 29, 2011

Luzon said: ↑

You absolutely need to be aware of the tax consequences of working as a 1099. On a regular W-2 job, the employer pays 1/2 the biggest part of your tax bill. That isn't the case working 1099. So, as a 1099 worker, come tax time, your tax bill TO YOU will be about 15% higher because the contracter won't be taking that 15% out so you have to pay it.

I don't know the exact details of it, maybe someone will give you the scoop, but it's basically what I said.

So, say you made $40,000 and didn't pay estimated quarterly taxes. At the end of the year you'll pay your taxes and as a W2 person that tax bill would be somewhere in the 20% range. But come the end of the year as a 1099 you're now looking at around 35%. Again, if you hadn't paid any quarterly taxes, and the contracter hadn't taken any money out to pay taxes you'd be looking at a tax bill in the neighborhood of $14,000.[/QUso what to do ? to pay the quarterly taxes and keep working, to don't pay nothing , or to find a w2 work, what the other 1099 drivers do ?
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Erick chapel · Jan 30, 2011

I spoke w/ a fedex contractor bout his job,and bout his co driver he hired...he said they always got the cruddy left over stuff from fedex. Mostly in midwest lanes.the employee was making good cash he claimed.

71mack · Jan 31, 2011

Some weeks we get good runs, some left overs noone else wants. Its not forced dispatch, so if I dont like the loads they got, I go home.

fallinangel · Jan 31, 2011

Irs takes 33 percent

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