A community of 30,000 US Transcriptionist serving Medical Transcription Industry


Independent contractor versus employee status - stormseeker


Posted: Jan 16, 2011

Can anyone tell me if there are any advantages to being an independent contractor versus an employee?  I'm worried about being able to set aside taxes if they are not taken out automatically -- I work because I need the money and would prefer to not have to "bank it" for taxes later.  Seems like it is getting harder to find employee status jobs thay are not voice recognition / editing positions. 

Talk to a tax guy. Based on your past income, he will tell - you what you need to send in SM

[ In Reply To ..]
quarterly. It is no big deal. If you are disciplined enough to pay bills, this will just be another bill. Take out X amount from each pay period, that is all there is to it. Btw, the tax man's fee is a tax write-off. I love being IC. If I want to work harder/smarter it benefits me more than the MTSO. And there are lots of write-offs.


Similar Messages:


Employee Status Versus Independent Contractor
Mar 13, 2015

Can someone tell me which position is more financially rewarding? Do ICs get 401k and whatnot? Basically, can someone tell me the differences between the 2?   Thanks so much. I am an idiot with money and taxes. ...


Independent Contractor And Employee Status
Jan 18, 2011

This is concerning work. There is one question on the questionnaire that asks if I want to be on independent contractor or employee status. Could someone please explain exactly what the difference is and the Pros and Cons of such. Thank you in advance. ...


Independent Contractor Status
Mar 27, 2015

Could someone please explain how an IC status works, has anyone worked in this capacity, and feedback. Thanks. ...


Independent Contractor - Must Have Flexible Schedule To Qualify For IC Status
Mar 11, 2010

I am thinking about pursuing a job as an independent contractor as I am retired and want something to do more than the money (retired hospital transcriptionist). It is my understanding that an IC must have flexible schedule to qualify for IC status, yet the job ads specify second and third shift as well as weekend days. Can they do this? I know the government is cracking down on ICs to make sure they are truly ICs (we all know the transcription companies will do everything to preserve their bo ...


Independent Contractor - Can Work More Than 40 Hrs. A Week, Since Not Working As An Employee
Jul 24, 2012

I've just started working as an independent contractor and I was wondering if an IC can work more than 40 hrs. a week, since not working as an employee. This is all new to me. I've always worked as an employee before. I just couldn't handle the VR anymore. It's a joke and decided it was time to "just say no!" The big boys came up with it and they can deal with it. Not going to ruin my health (body and mind) anymore for minimum wage! That being said, I'm very willin ...


Independent Versus Full Time Employee
Sep 14, 2010

What is the benefit of working as an independent? Is the pay different? ...


"You Are An Employee And Not An Independent Contractor."
Oct 24, 2012

This statement is supposed to attract applicants?? Since when does this fit into the "employee" description: You are required to attend training sessions without pay. You are required to work a set schedule. You are paid below minimum wage. You pay for all your own software and equipment. You are required to change O/S and WP software. You are not paid for hours spent doing their bookeeping. You are not paid for hours research of to for bad dictation. You are required to check ...


Employee Versus IC PT Status
Nov 23, 2009

I have an interview tomorrow with a company for PT employee status.  I have been an IC for many years and love it.  I am a bit concerned about going employee as I am used to the flexibility of being able to take time off for my kids' school parties, fall, winter and spring breaks and such without it affecting my job.  Can anyone give me a clue as to how employee status works and if some companies are more flexible than others?? I would love to stay an IC, but haven't f ...


IC VERSUS EMPLOYEE STATUS
May 09, 2011

I have an opportunity from two different companies. One is IC and the other as an employee. I have been an IC for so long.  What is the pros and cons of both.   TIA ...


Employee Versus IC Status
Sep 17, 2014

I have been a medical transcriptionist for 22 years' and have worked as an employee for most of that time.  I am still about 10 years out from retirement and am trying desparately to hang on to my beloved profession of medical transcription, but I am seeing it slip away from me little by little.  Companies who hire employees seem to seldom have enough work to go around, harangue their employees through QA, and tie benefits to production.  All these things combined are making it difficult ...


TTS Insurance..IC Versus Employee Status
Jun 04, 2010

I am considering TTS (Transcription, Technology, and Support) and was wondering what anyone could tell me about their insurance such as rates, etc.  Also, I'd like to hear from both IC and employees there.  I didn't know which would be the best way to go.  Thanks! ...


Can Someone Explain IC Versus Employee Status?
Mar 01, 2011

Can someone fill me in please.  Despite doing this for over 15 years, I still don't understand the "independent contractor" posts.  I have always been a straight employee at services.  What is the difference and what are the pros and cons?  Thanks for your help! ...


Independent Contractor Means "independent" Contractor - Sm
Oct 22, 2014

I am so tired of these companies hiring for an IC position and then when you are not at your keyboard johnny on the spot at 11 a.m. every day to start your day and sometimes start at 12 p.m. or 12:30 p.m., they are calling your cell, sending threatening E-mails.  They never stipulated in their contract that if you say, per se, you are going to work 11 a.m. to 7 p.m. and you start a little later, say 12 p.m. and work until the work is completed still getting getting the work completed well w ...


Independent Contractor CPL
Mar 10, 2010

Would a few independent contractors mind sharing your CPL rate? I currently work as an employee and have three years experience. I am looking into IC jobs, but I am having difficulty finding information easily on the difference in rates between IC jobs and employee jobs. Thank you! ...


How Does Anyone Become An IC (independent Contractor)?
Jul 11, 2010

How does anyone become an IC (independent contractor)? What is the process exactly? Any help would be appreciated. ...


EIN And Job As Independent Contractor
Aug 19, 2011

I recently got a reply on a job as an IC for a company but in order to work for them I have to have an EIN. How do I get one and how do I figure out my taxes and all the stuff that goes with it? ...


Independent Contractor
Jun 13, 2013

I was thinking of applying for an IC job until I saw this (and much more, but this did it for me). If you have been offered an independent contractor position it is very important that you calculate the ultimate cost to you as a taxpayer to see if the salary being offered is worth the time and effort. For example, if you are being offered $15 an hour as an independent contractor and $12 an hour as a payroll employee, you may initially be tempted by the fact that your "take home" pay will be ...


Independent Contractor QuestionMT
May 05, 2010

A company is looking for ICs and says you must fill out pre-qualifying form.  In it they ask for specific time of each day you can work.  As I understand independent contracting, you get job, are given TAT and determine when you will do it.  Can a company ask for set hours and still be calling their people independent contractors?  Thanks for any answers. ...


What All Is Involved With Being An Independent Contractor
May 21, 2010

I would like to know what all is involved with being an independent contractor.  I have been toying with the idea a lot lately but have no clue what needs to be done or what is required of me.  If anyone could give me some insight into this, I would so truly appreciate it.  Thanks... PS:  I have been an MT for over 20 years so not new to the scene but always figured employee status was better.  ...


DIT Transcription Independent Contractor
Aug 10, 2010

Yes, I fell for DIT's reassurances that their financial troubles were all in the past too.  I worked diligently for two months only to be met with silence when I asked which days they mail paychecks out.  It's been two weeks now, and I haven't heard a thing.   To those of you who are staying loyal to these people:  Please, please, please don't.  They don't deserve it.  For over a year, they have been preying on new MTs who are desperate for a job.  This is NOT ...


How Does A Person Become An Independent Contractor?
Aug 12, 2010

I was just wondering how does a person become an independent contractor? I see a lot of job openings for them but not really sure what is involved. Could someone explain how to go about getting into being and independent contractor?  Thank you so much! ...


Licensed Independent Contractor
Sep 24, 2010

Is anyone a licensed independent contractor?  I saw a job listing that you have to be licensed.  First time I ever heard of that.  ...


Independent Contractor And Taxes?
Jul 14, 2011

Hello.  I just got a new job, and for the first time, I will be an independent contractor.  I am unfamiliar with this.  I know they will not take taxes out.  I was wondering if anyone could give me some tips on how I do this.  Should I consult a tax person?  Is there a way I can figure out what to hold out on my own?  Can I pay the IRS quarterly those figures so I don't have to pay it all at the end of the year?  Do I need any kind of license?  This is a part-time position at home, ...


Independent Contractor Definition
Oct 11, 2011

I am looking for some clarification on the definition, as per the IRS website, of an "independent contractor."  With the majority of companies now hiring MTs as IC's, does this definition apply ? "You are not an independent contractor if you perform services that can be controlled by an employer (what will be done and how it will be done). This applies even if you are given freedom of action. What matters is that the employer has the legal right to control the details of how the servi ...


BEWARE AND BE SURE You Are Truly An Independent Contractor
Aug 31, 2012

BEWARE AND BE SURE you are truly an Independent contractor. This info is available on the IRS.GOV website (type Independent contractor in the SEARCH box and then click on IC defined). I was going to work for a company who later informed me that i would be REQUIRED to look up patient information that was not dictated by going to a different website and searching thru the paperwork looking for the information. I know from experience that doing this seriously cuts into My Line Count and MY PAY. I w ...


When You Are Considered An Independent Contractor
Jun 08, 2013

When you are considered an independent contractor, is it necessary to give at least two weeks notice before you quit? ...


Independent Contractor MT Work
Nov 04, 2014

Want work as an IC on a part-time basis.  Anyone know of a company that is truely hiring for ICs, not calling you an IC but treating you as if you are an employee?  Thanks. ...


**Imedx Goes ALL Independent Contractor
Nov 18, 2014

Oncology Positions Available - iMedX Inc Posted: Nov 18th, 2014 - 4:48 pm iMedX, Inc. Openings for Oncology transcription in a clinic setting as IC (Independent Contractor). Must have approximately 2 years recent Oncology experience. **** This is the first step of shifting people out of Employee status...bye bye guys!!! Clock tickin'!!!!!! What more do you need. Thumbs up for Employees about to be dumped ...


Independent Contractor Programs
Feb 22, 2015

Hi! Can anyone tell me what some good programs are if I was to try to get into the IC field? I mean programs for downloading voice files, for getting the foot pedal to work with said voice files, etc. I have Word and a word expander. ...


Independent Contractor Details?
Mar 13, 2015

Can anyone tell me any details on being an independent contractor? Pros/cons? Pay? Thanks for any info! ...