Which is Best: 1099 Independent Contractor or W2 Wages
It's a common conundrum; which is best 1099 contractor or being a W2 employee. Many business give their employees an opportunity to make this decision for themselves. If you ever find yourself in this situation, be sure to consider the following information.
Taxes
The first thing you should look at is the taxes you will be asked to pay. As a 1099 Independent Contractor, you will be forced to pay both Social Security and Medicare. This comes to 15% of your income after your expenses. However, as a W2 employee, your employer will pay half of this amount on your behalf.
Health Insurance
Another factor to consider is health insurance. If you are an independent contractor, it will be up to you
It's a common conundrum; which is best 1099 contractor or being a W2 employee. Many business give their employees an opportunity to make this decision for themselves. If you ever find yourself in this situation, be sure to consider the following information.
Taxes
The first thing you should look at is the taxes you will be asked to pay. As a 1099 Independent Contractor, you will be forced to pay both Social Security and Medicare. This comes to 15% of your income after your expenses. However, as a W2 employee, your employer will pay half of this amount on your behalf.
Health Insurance
Another factor to consider is health insurance. If you are an independent contractor, it will be up to you