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Started By
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Independent contractors vs employee
Posted on 2/19/22 at 10:10 pm
Posted on 2/19/22 at 10:10 pm
Which do you prefer to be?
How much power does an IC have really?
How much power does an IC have really?
12
Posted on 2/19/22 at 10:12 pm to doc baklava
Whatever pays more. You get screwed with either way.
Posted on 2/19/22 at 10:22 pm to doc baklava
Personally, I'd rather be an employee right now. Tracking all those taxes sucks.
Posted on 2/19/22 at 10:23 pm to doc baklava
Give me the 401k and health insurance
Posted on 2/19/22 at 10:24 pm to doc baklava
Have you seen self employed health insurance premiums?
The tax deduction still doesn’t do it justice
The tax deduction still doesn’t do it justice
This post was edited on 2/19/22 at 10:25 pm
Posted on 2/19/22 at 10:46 pm to jcaz
quote:
Whatever pays more. You get screwed with either way
If you go 1099 you definitely need to make sure compensation is high enough to cover what your losing out by not being a w2(health insurance, 401k matching, PTO, unemployment etc.)
Otherwise 1099 can have it's perks in terms of tax deductions/ deferrals, solo 401K max out(or sep-ira)
Posted on 2/19/22 at 11:00 pm to doc baklava
I’m IC and in sales. The money is great. I need more money I do more work. Made over $400k last year. Having said that Health insurance is high and you have to be really careful with your taxes. It can also be inconsistent so you have to manage money well. Still worth it to me. I’m not having to work my arse off to impress some boss I don’t like for a 3% raise and be constantly pissed at a coworker halfassing it and making the same that I do for busting my arse and doing my job.
Posted on 2/20/22 at 12:19 am to doc baklava
I never had to worry about any mandates, being self employed. That’s about that only advantage I’ve overtly recognized being 1099. Otherwise it largely doesn’t seem to be in my favor
Posted on 2/20/22 at 12:26 am to GPayne
Nothing interests me less than sales and having to persuade someone to buy anything.
If my only options were emptying garbage cans or sales, I'd be tempted to just empty the cans.
If my only options were emptying garbage cans or sales, I'd be tempted to just empty the cans.
Posted on 2/20/22 at 6:31 am to PlurBrah
Benefits to both. As an employee you have the benefits of belonging to a company. 401k, medical, time off etc. but as contractor you can get paid and pick your own customers/work
Posted on 2/20/22 at 7:15 am to SocraticTiger
If it weren’t for salespeople, you wouldn’t have a job
Posted on 2/20/22 at 7:23 am to CalcasieuTiger
quote:
If it weren’t for salespeople, you wouldn’t have a job
Very few people would, hardly anything you can put your eyes on wasn't sold by someone.
I know golf club salesmen, cement salesmen, tractor tires, fertilizer, light fixtures, valve, hot dog cooking machine in gas station salesmen, everything lol.
This post was edited on 2/20/22 at 7:31 am
Posted on 2/20/22 at 7:46 am to doc baklava
The OP's subject resurrected 30-year-old law school exam PTSD.
The reality is there are a lot of ICs that under the law are technically employees. Companies love to pay via 1099 but still treat the worker as an employee.
The reality is there are a lot of ICs that under the law are technically employees. Companies love to pay via 1099 but still treat the worker as an employee.
This post was edited on 2/20/22 at 8:18 am
Posted on 2/20/22 at 8:15 am to doc baklava
Isn't being a independent contractor how the "pay zero fed tax" deals from 20 yrs ago worked?
Posted on 2/20/22 at 8:20 am to GPayne
quote:
I need more money I do more work. Made over $400k last year.
You need an apprentice?
Posted on 2/20/22 at 8:22 am to doc baklava
quote:
How much power does an IC have really?
Very little when it comes to cost of materials that’s for damn sure…
Posted on 2/20/22 at 8:24 am to doc baklava
quote:
Which do you prefer to be?
IC - no benefits, fired at any time. Higher pay, no deductions.
Employee - benefits, fired at any time. Lower pay, deductions
Posted on 2/20/22 at 8:59 am to doc baklava
Independent contracting. Cha-ching!
Posted on 2/20/22 at 9:30 am to SocraticTiger
quote:
Nothing interests me less than sales and having to persuade someone to buy anything. If my only options were emptying garbage cans or sales, I'd be tempted to just empty the cans.
Everyone does sales in some form in every job. You just don’t realize it.
Engineers have to sell others on their ideas.
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