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Started By
Message
Accounting?
Posted on 10/6/18 at 4:36 pm
Posted on 10/6/18 at 4:36 pm
I have never worked 1099 but I have a good opportunity and I need to make a decision quick. The pay will be $28,700 a month and I will be responsible for my own taxes and such. How much would I clear after everything is taken out? I am married with one child. TIA
9
Posted on 10/6/18 at 4:38 pm to Marlbud
(no message)
This post was edited on 2/8/25 at 3:23 pm
Posted on 10/6/18 at 4:51 pm to Marlbud
I'd plan to clear about 60% so around 200k.
This is a very very simplistic answer without more info, but it should be fairly close.
This is a very very simplistic answer without more info, but it should be fairly close.
Posted on 10/6/18 at 5:43 pm to Marlbud
You’re too good for doing 1099 work. Lucky for you, I know a guy that could really use the work. Care to share the opportunity?
Posted on 10/6/18 at 6:36 pm to Marlbud
Ask your CPA?
Goodness
Goodness
Posted on 10/6/18 at 6:57 pm to Marlbud
I don't believe you.
Posted on 10/6/18 at 8:14 pm to southernelite
He's not available this week. Vacation at a bad time!
Posted on 10/6/18 at 8:16 pm to Mingo Was His NameO
I think you are pretty close which wouldn't justify the move.
Posted on 10/6/18 at 8:19 pm to Marlbud
Come on guys, it's Louisiana moving to Colorado. Gotta get paid for something.
Posted on 10/6/18 at 9:00 pm to Marlbud
40% for taxes is a good rough estimate.
Not sure what your pay is now, but if you are making over $200k your benefits package is likely worth $30k or more.
If it needs to be decided before your cpa gets back I’d go talk to someone else without a doubt.
Not sure what your pay is now, but if you are making over $200k your benefits package is likely worth $30k or more.
If it needs to be decided before your cpa gets back I’d go talk to someone else without a doubt.
Posted on 10/6/18 at 10:26 pm to Mingo Was His NameO
How do you figure? If you're a contract employee, you can form an LLC and funnel it through there.
Posted on 10/6/18 at 11:26 pm to NikoToo
quote:
How do you figure? If you're a contract employee, you can form an LLC and funnel it through there.
35% marginal rate plus 15.3% SE tax minus the deduction. Like I said, it's a redumentry estimate but it's probably within a couple of points.
Posted on 10/7/18 at 4:28 am to Marlbud
You'll clear a good bit. What line of work are you in where your gross is over $340k?
Posted on 10/7/18 at 9:23 am to foshizzle
O&G in a good economy, electrical transmission lines in a bad economy.
Posted on 10/7/18 at 10:45 am to Mingo Was His NameO
quote:
35% marginal rate plus 15.3% SE tax minus the deduction. Like I said, it's a redumentry estimate but it's probably within a couple of points.
What if he has $75,000 in business expenses?
What if he now needs to cover his own health insurance, and without subsidies, it's $25,000 a year?
What if his wife works? What does she make?
What about his itemized deductions?
What about his qualification for the new 20 percent business deduction? Is his line of business a line that is tainted as a specified service line?
What about a SEP?
Is he going to hire employees/assistants from his pay?
There are entirely too many unknowns, based on the limited info provided, to even give a rudimentary estimate.
OP needs to talk to his CPA about the many issues involved in moving from W-2 to owning your own company (which is what a 1099 contractor is, if we are being honest). If he can't contact his CPA now, he needs to have a discussion with someone else.
Posted on 10/7/18 at 10:57 am to LSUFanHouston
I will e in touch with an accountant somewhere first thing Monday morning.
No "real" business expense
You are spot on regarding what I pay for BCBS
Wife works with me, her pay is separate
Deductions, have to wait and see
not familiar with 20% deduction
I don't think I qualify for SEP
No assistants out of my pay
I agree, way too may unknowns.
No "real" business expense
You are spot on regarding what I pay for BCBS
Wife works with me, her pay is separate
Deductions, have to wait and see
not familiar with 20% deduction
I don't think I qualify for SEP
No assistants out of my pay
I agree, way too may unknowns.
Posted on 10/7/18 at 2:41 pm to Marlbud
quote:
I don't think I qualify for SEP
I don’t know why not and a SEP would allow you to shield up to $55,000 a year from the taxman
Posted on 10/8/18 at 8:31 am to Marlbud
you will have to send in quarterly estimated payments to the IRS. Go to the IRS web page and look up the form you can use to determine what you quarterly payment would be.
Posted on 10/8/18 at 4:26 pm to Marlbud
Can you set up an LLC and they pay that? Then you can set up a retirement account that your LLC can match pre-tax. You probabaly need a home office, you can deduct a portion for utilities, etc. there are numerous things you can do to get below 40% just saying.
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