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Do you have a bigger paycheck as an IC? sm - EmployeetoIC

Posted: Feb 15, 2015

I am thinking of changing over to IC for the first time ever. Well I worked as an IC when I first started but worked for family so it was different. Do you feel you make more as an IC than as an employee?

IC vs employee - There is a difference

[ In Reply To ..]
I am an IC and I would really prefer being an employee, because of the taxes. BUT, with that said, I want PT and that is hard to find as an employee and I can work when I want, which is great, but there are times, when there isn't any work and I want to work, I have to adjust or not work at all and I don't have the headaches, aggravation, horrible QA, BOS/Book of Style garbage that I had when I worked for Edix, Spheris, Medquist and M*Modal. Horrible companies. I make 8 cpl and no benies, no work, no pay. I can work as much as I want to, so if there is a lot of work and you want to work a 12 hour day, you can. I have great accounts, no voice and all American docs, so I count that as a plus. Just get the taxes under control. I keep looking for PT employee position, but it is outside of transcription. At this point, with what I have I prefer being an IC and working for the company I work for.

Pt employee - MTgirl

[ In Reply To ..]
Just so you know, wordZXpressed hires PT at employee status. :)

MT Girl - wordZXpressed

[ In Reply To ..]
Thank you for the info; unfortunately they are not hiring MTs at the present time. The good companies are hard to get into, the horrible ones, like M*Modal, Nuance, Keystrokes, SoftScript, etc., are always hiring. I can check back from time to time though.

consider the following - anon

[ In Reply To ..]
Look at the whole picture.

As I get closer to retirement - sm

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I am glad I have a 401K with the employer contribution. I realize I could have an IRA as an IC, but I would not have had the extra contribution the employer makes, and I did not really make enough as an IC to save that much.

Also, the employer I had as an IC would never notify me when the docs would go on vacation, etc. They were extremely inconsiderate.

more pay as IC - karina

[ In Reply To ..]
401K is good, if you can last long enough at these companies with all the QA monitoring etc. Usually there is a waiting period before you can get the 401K, plus you have to make sure you are getting enough work to meet minimum line requirements,etc. so it would seem it's kind of iffy as employee if you would get to the 401K or not.

I have not had a problem - sm

[ In Reply To ..]
With my current employer I was fully vested within the first year I believe. They base the 401K contribution on the dollars paid, unaffected by QA, etc.

However, at a former employer, I was told that they would determine the amount of employee match they paid at the end of the fiscal year. Turns out, they did not contribute an employee match that year, and instead went belly-up shortly thereafter. I was laid off shortly before the bankruptcy and I used their nonpayment of the 401K as justification that I was unemployed due to mismanagement, not of employee problems and therefore qualified for unemployment.

employee vs IC - MTMT

[ In Reply To ..]
Say you are looking at two companies, one as employee status and one as IC status. If both companies pay the same line rate, then you would probably be better off as an employee.

As an employee, your company pays half of your FICA, but as an IC you have to pay all of it. Also, employers offer benefits like insurance and paid vacation that you don't get as an IC.

When I switched from IC to employee at the company I work for, it was like getting a raise because of the taxes, and now I can take vacation time and not worry about losing pay, so employee status works better for me. The insurance part didn't matter because I provide my own and prefer to do so. You may or may not get a better rate by taking your employer's insurance, but I prefer to be in control of my insurance plan.

Whether you are an employee or IC, you can deduct your expenses, so that's a wash.

If you are considering IC, I think you would want to figure out how much more it would cost you to pay for your own taxes and insurance, and figure out how much more you would need to make to pay for those things, but good luck finding an IC job that pays more per line than employee. I think they are all pretty much the same anymore.

Some people say that as an IC you can set your own schedule, but most companies still want you to work the schedule that works for them, and that usually includes a weekend day.

So, bottom line is unless they are paying you a few cents more per line as an IC, you are probably better off keeping your employee job. Good luck in whatever you decide to do!

IC - none2

[ In Reply To ..]
Don't like being an IC. You, yourself, have to be sure you take out and put away for taxes every pay period. Do not advise it if possible. I think companies do this as a way again to do as little as possible for employees.

you have to make more as an IC - StillAnMT

[ In Reply To ..]
As an employee, your employer pays half your fica. If your employer provides benefits, you do not pay taxes (fica or otherwise) on the cost of those benefits. If you employer provides any equipment, you do not have to buy that with after-tax money. You have to make more money as an IC to make up for all those differences. If it is true that as an employee, your actual pay is double your hourly wage (because of provided benefits, etc), then take that into consideration.

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