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Subject:Re: job market Q4 2009 From:quills -at- airmail -dot- net To:techwr-l -at- lists -dot- techwr-l -dot- com Date:Tue, 22 Dec 2009 22:49:21 -0600
Aren't you also paying SS and Medicare? You should be.
Scott
On 12/22/09 7:04 PM, Robert Lauriston wrote:
> On 1099 income you pay 15.3% self-employment tax but on W-2 income you
> pay half that in Social Security and Medicare (your employer picks up
> the other half). So 1099 rates only have to be 8% higher to make up
> the difference.
>
> Also, you pay SE tax only on net income. If you have expenses, that
> lowers the tax. Can't do that with W-2. So even the same rate on 1099
> could lead to a lower tax bill.
>
> On Tue, Dec 22, 2009 at 3:25 PM, Keith Hood<klhra -at- yahoo -dot- com> wrote:
>> Generally I won't touch a 1099 job unless the pay rate is at least 15% higher than the W2 rate. The self-employment taxes can really eat your lunch come April.
>>
>>
>> --- On Tue, 12/22/09, Robert Lauriston<robert -at- lauriston -dot- com> wrote:
>>
>>> From: Robert Lauriston<robert -at- lauriston -dot- com>
>>> Subject: Re: job market Q4 2009
>>> To: techwr-l -at- lists -dot- techwr-l -dot- com
>>> Date: Tuesday, December 22, 2009, 1:56 PM
>>> 1099 contracts, yeah, the pay can be
>>> great. W-2 through an agency,
>>> after they take their cut, not so great.
>>>
>>
>>
>>
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