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Subject:Re: W-2 vs 1099 From:"Ed Wurster" <glassnet -at- gmail -dot- com> To:techwr-l -at- lists -dot- techwr-l -dot- com Date:Thu, 21 Feb 2008 06:07:54 -0500
You should decline this change to 1099, and ask for the W2 as
originally negotiated.
Even though you can deduct many business expenses, you 'll find that
there are things you can't deduct if you are audited.
In addition to paying fed self-employment (equivalent to your SS tax +
employer SS tax), you may also have additional taxes. For instance,
some cities and counties have business taxes.
You may also find that the employer requires evidence of liability insurance.
It also sounds like you will incur up-front costs for an
advisor/accountant/tax person. One thing you don't want, is to get to
tax day 2009 and not have done things properly during 2007. Every
expense must be documented.
On Wed, Feb 20, 2008 at 10:47 AM, R D <jaguarjam -at- yahoo -dot- com> wrote:
> Hi Everyone-
>
> I just negotiated an hourly rate on W-2. The recruiter
> just called to notify me that the rate would be on a
> 1099. As far as I know, I would have to pay an
> additional 7.5% for SS taxes plus they get out of
> paying unemployment tax of 10 to 15%. Is there
> anything else I need to be aware of?
>
> Thanks-
> RD
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