[Show all top banners]

magorkhe1
Replies to this thread:

More by magorkhe1
What people are reading
Subscribers
Subscribers
[Total Subscribers 3]

logan

ramromanchey

mno
:: Subscribe
Back to: Kurakani General Refresh page to view new replies
 Billing Rate
[VIEWED 7009 TIMES]
SAVE! for ease of future access.
Posted on 04-04-16 2:55 PM     [Snapshot: 62]     Reply [Subscribe]
Login in to Rate this Post:     0       ?    
 

Are you planning to go home soon or retiring here?
If retiring here start taking ss and put money on retirement.

 
Posted on 04-04-16 3:08 PM     [Snapshot: 66]     Reply [Subscribe]
Login in to Rate this Post:     0       ?    
 

In short , you are saying work on W2 or 1099 right? I would say work on W2.
 
Posted on 04-04-16 3:23 PM     [Snapshot: 121]     Reply [Subscribe]
Login in to Rate this Post:     0       ?    
 

Look at the tax consequence ? You have to file self employed and has to pay self-employment tax if you work as contractor.

 
Posted on 04-04-16 3:39 PM     [Snapshot: 143]     Reply [Subscribe]
Login in to Rate this Post:     0       ?    
 

Still w2. I'm talking about employer side contribution for SSA and Medicaid.
 
Posted on 04-04-16 4:33 PM     [Snapshot: 208]     Reply [Subscribe]
Login in to Rate this Post:     0       ?    
 

Let's assume you make $80 per hour for 2087 hours. If you take 80% your income before federal and state tax = 80 x 2087 x 80% = $133568
Max. Taxable SSI = 7347 ( completely phases out at $ 118,500)
Medicare = 133,568 x 1.45% = 1937
Income before other taxes = 133568 - 7347 -1937 = 124,284

Now let's say you take 85% (i.e. 1099)
Income = 80 x 2087 x 85% = 141,916
SSI MAX. = 118500 x 14.4% = 14694
Medicare = 141916 x 2.9% = 4115
Income before other taxes = 141916 - 14694 -4115 =
123,107

So, for this assumption, they are pretty close. If you make than this level, it's better to have W-2. If more than this income or like lots of overtime, 1099 will win. However, you have to factor ither stuffs like paid vacation, sick pay, health insurace, etc that comes with employee status.
 


Please Log in! to be able to reply! If you don't have a login, please register here.

YOU CAN ALSO



IN ORDER TO POST!




Within last 365 days
Recommended Popular Threads Controvertial Threads
NRN card pros and cons?
ANA and AJAY KUMAR DEV. RAPISTS CONVENTION
Conservative discussions
सालीको चाक
TPS To F-1 COS
Homeland Security revokes temporary status for 532,000 Cubans, Haitians, Nicaraguans and Venezuelans
Venezuela TPS lawuit
TPS to F1 Status.
Nepal TPS has been Extended !!!
legal Query for married nepali girl now have taken US citizenship
Got my F1 reinstatement approved within 3 months(was out of F1 for almost 2 years)
रबि लामिछानेको दाहिने हात ICE को हिरासतमा
ICE kidnapping people off the streets over op eds
2020 : Why No Trump !
#MAGA#FAFO is delicious
TPS of Nepal to be automatically extended for 6 months based on South Sudan decision
Democrat lies revealed
Nepal TPS decision
Has anyone here successfully reinstated to F-1 status after a year-long gap following a drop from F-1?
US citizen Petitioning my wife who was out of status when she was in H1B. What to do ?
NOTE: The opinions here represent the opinions of the individual posters, and not of Sajha.com. It is not possible for sajha.com to monitor all the postings, since sajha.com merely seeks to provide a cyber location for discussing ideas and concerns related to Nepal and the Nepalis. Please send an email to admin@sajha.com using a valid email address if you want any posting to be considered for deletion. Your request will be handled on a one to one basis. Sajha.com is a service please don't abuse it. - Thanks.

Sajha.com Privacy Policy

Like us in Facebook!

↑ Back to Top
free counters