IC work - You lose money Posted: Aug 17th, 2024 - 1:12 pm In Reply to: Hefty taxes to pay if docs treat you as a 1099. - Used to type for local docs.
Working as an IC is a total rip-off. If you are not diligent in paying monthly or quarterly taxes you will suffer at tax time. Also I have heard and I may be wrong, but check about what goes towards your social security, to be sure it goes to your retirement. I heard it doesn't, but I may be have been misinformed. Even if you can be a statutory employee, that is better than an IC.
I finally quit MT work for that very reason, tired of working for next to nothing and then paying taxes, I made less than minimal wage and worked full time and never made a decent salary.
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