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re: Starting job in July that is 1099 instead of W2. What should I be saving?
Posted on 6/19/16 at 8:46 pm to diat150
Posted on 6/19/16 at 8:46 pm to diat150
quote:
1099 for a entry level position where you wont be making much money? sounds like you are getting screwed.
It's worth the risk. I have no experience and no EE/CS degree. Owner is taking a chance on me and I think it will develop nicely. Guaranteed reviews every 6 months. It's a trial period for both of us. I can put up with a year of shite for long term prospects of upward mobility, so I'm going for it.
quote:
scada/automation is a great field to get in, not so sure about the pen side.
I'll be learning from one of the best. He does very well and his company is pretty highly regarded.
0
Posted on 6/19/16 at 8:47 pm to 8thyearsenior
quote:
You can write a bunch off but you are still going to get screwed. I was 1099 in 13 and 14. In 14 I had my s Corp set up and wrote off almost 100k in stuff. My taxable income was 155 and I paid the Feds 47k. Every year I have been a w2 employee I've always done my taxes myself and never paid over 15%.
Tldr- you gonna get raped
What...the...frick
Posted on 6/19/16 at 8:52 pm to 8thyearsenior
quote:
You can write a bunch off but you are still going to get screwed. I was 1099 in 13 and 14. In 14 I had my s Corp set up and wrote off almost 100k in stuff. My taxable income was 155 and I paid the Feds 47k. Every year I have been a w2 employee I've always done my taxes myself and never paid over 15%.
Tldr- you gonna get raped
Well 47k is about 18% of 255
Posted on 6/19/16 at 11:05 pm to Tigerpaw123
If you aren't starting until July you have time now to get it all done.
As said, I'd plan on 40% going to taxes or any difference into things that can be deducted like healthcare and IRA/401k.
You need to open a new bank account yesterday for your work. Have 100% of your payments/ pay checks go into that then disburse income to your personal account. Please do this for yourself and your CPA. Whether you get reimbursed or not pay for anything 'work related' with your work account and let your CPA sort it out later. They can always count it as a disbursement of income.
I'm not a CPA, but if you think it should be seperate from your personal stuff do it. You'll make your life so much easier to live financially conservative and start off seperate and organized with your income.
As said, I'd plan on 40% going to taxes or any difference into things that can be deducted like healthcare and IRA/401k.
You need to open a new bank account yesterday for your work. Have 100% of your payments/ pay checks go into that then disburse income to your personal account. Please do this for yourself and your CPA. Whether you get reimbursed or not pay for anything 'work related' with your work account and let your CPA sort it out later. They can always count it as a disbursement of income.
I'm not a CPA, but if you think it should be seperate from your personal stuff do it. You'll make your life so much easier to live financially conservative and start off seperate and organized with your income.
This post was edited on 6/19/16 at 11:08 pm
Posted on 6/20/16 at 12:14 am to baldona
Awesome, thanks for the advice. I will open a new account this week
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