Posted by: magorkhe1 May 29, 2015
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Think of Tax consiquences?
There will be no federal and state tax withheld, no social security and medicare.
You will be working as independent contractor: while filing taxes you can deduct expenses as business expenses. you will be paying for selfemployement taxes ( 15.6%) and then your tax liabliliry pay taxes. .
see the link
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employment-Tax-Social-Security-and-Medicare-Taxes
You have to buy your own health insurance and no other benefits at all.
There will be no federal and state tax withheld, no social security and medicare.
You will be working as independent contractor: while filing taxes you can deduct expenses as business expenses. you will be paying for selfemployement taxes ( 15.6%) and then your tax liabliliry pay taxes. .
see the link
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employment-Tax-Social-Security-and-Medicare-Taxes
You have to buy your own health insurance and no other benefits at all.
Summary : How much they are paying you as Independent contractor: deuct 15.6% selfemlpyment taxes, deduct your health insurance costs ( for a family it may cost you 20K or over), paid vaccations and holidays , other benifits you are loosing, ( cafteria plan , 401K plan matching by employer ).
Last edited: 29-May-15 10:43 AM