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Started By
Message
Full time employee to 1099
Posted on 12/4/14 at 8:24 pm
Posted on 12/4/14 at 8:24 pm
I'm considering changing jobs from a full time employee with my current company to working as a 1099 with a different company (with a substantial raise). My questions are I have a 401k with my company, do I just roll that over to an IRA or can I continue to contribute to it as it is? As far as health insurance goes, where's the best place to find an individual plan? I'm sure I'm missing some questions but I'll hang up and listen now
2
Posted on 12/4/14 at 8:41 pm to 1860pissed
Roll it over into a IRA you will have more control
Find a good financial advisor
and welcome to the world of obama care
I hope the money is very signficiant to offset insurance and keep in mind when self employed you pay SE tax
Find a good financial advisor
and welcome to the world of obama care
I hope the money is very signficiant to offset insurance and keep in mind when self employed you pay SE tax
Posted on 12/4/14 at 9:11 pm to 756
It is a very significant amount. The SE tax doesnt actually change my tax burden, does it? I thought it just changed how and when I pay the taxes
Posted on 12/4/14 at 9:43 pm to 1860pissed
You are now responsible for the other half of your FICA "payroll" taxes, which will be approx an additional 7.5%.
Good write up
Good write up
Posted on 12/5/14 at 11:58 am to 1860pissed
you pay the full FICA -
You may want to visit a CPA before you sign on to this.
It cost more than most realize to be self employed
You may want to visit a CPA before you sign on to this.
It cost more than most realize to be self employed
Posted on 12/5/14 at 12:03 pm to 1860pissed
quote:
The SE tax doesnt actually change my tax burden, does it? I thought it just changed how and when I pay the taxes
yeah you probably want to consult with someone before making the move
Posted on 12/5/14 at 4:10 pm to 1860pissed
I did the same thing last year and I paid like 6k in SE tax. It stung pretty good. I got really good health insurance for a family of 4 for $1200 a month which I write off. Get a good work with you accountant. You need to buy assets with your money so you can write stuff off otherwise you will pay a ton in taxes.
Posted on 12/5/14 at 5:21 pm to 756
quote:
It cost more than most realize to be self employed
But think of all the deductions we get!!!
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