re: Insight, tips for evaluating 1099 job

I guess you could add benefits plus half of SSI to salary and compare to 1099 payment.

So example:
W2 salary 100,000 plus benefits which are probably on average 10,000 and 7.5% for SSI which is 7500.

So 1099 income of 117500 would be ballpark

Form 1040 - If the plan has less than $250K of assets, (which means there is no IRS Form 5500-EZ filing requirement), then employee deferral contributions are reported on your annual income tax return (1040 line 28) as adjusted income for QRP contribution. Employer Profit sharing contributions would be reported on IRS Form 1040, Schedule C for a self-employed individual and on the corporate tax return for an employer corporation).

the above is from wiki
and of course your employee contribution and employer profit sharing contribution are all deductible after your business deductions.

so you can really lower your taxable income with a solo 401k if you are a IC or SP. it might even drop you into a lower bracket as well depending how much you make.

quote:

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and that is it since there is no pre-tax benefit deductions.

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look man, it is ok. you didn't have to run away with your tail tucked between your legs just because you were wrong. you'd garner more respect here admitting you were wrong or just asking honest and open questions.

This board does not take well to fake news or fake info. This is not the poli board where you had best know your shite before diving in. you CAn come here if you do not know something and just ask instead of acting like you know it. Because you will be called out here by regulars and spouting inaccurate info is frowned upon here.