If u are with vendor w2 is better for tax filing and gc process later pasa

sexy in haku patasi · May 26, 2020 11:30 AM

I am on gc already actually I am switching from my employer after gc because pay is comparatively low and they don’t have much project .

Mr p · May 26, 2020 12:06 PM

Either way I think W2 is always better.

Laalmon · May 26, 2020 12:32 PM

If you are being paid same gross amount, choose w2. If you are being paid more on 1099, you might bring home more as 1099 gives more freedom when filing taxes. Talk to a tax professional on how much more on 1099 will be beneficial for your situation.

gandharba · May 26, 2020 12:53 PM

lots of advantages and disadvantages. Mostly depends on the rate difference. On a 1099 you should open at least a LLC so you can deduct your mileage and track business expenses. You can deduct your healthcare costs as well at create a tax advantaged SEP ira which allows you to put 25 percent of net profits for retirement. That too at the end of tax filing date. Tax wise you will have to pay both employee and employer portions. Best to pay taxes quarterly so you avoid interest if calculations are off. W2 is w2, simple enough.

maxpayne · May 26, 2020 1:13 PM

Depends on what kind of benefit you get on w2 like PTO, sick leave, health insurance, life insurance , 401k match etc. Add approx cost of all those benefit, plus social security and Medicare tax included payroll tax of employer side. Your income on 1099 should be higher then w2 salary, benefit plus taxes to pick 1099 employment . If you do 1099 you will have some leverage while doing taxes.

meraj · May 26, 2020 8:30 PM