Hefty taxes to pay if docs treat you as a 1099. - Used to type for local docs. Posted: Aug 17th, 2024 - 7:05 am In Reply to: Question about rates - Tara
Hello. Just an FYI as a reminder. If you find docs to transcribe for and they treat you as a 1099 (not an employee), you will be considered self-employed. The taxes you will need to pay are Federal, State, Social Security, Medicare (total: approx. 15.3%) and City tax if applicable (add a little more to the 15.3%). The taxes take such a big bite out of the money you make with the docs. Just trying to give a heads up.
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