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Regarding IC vs employee status, does anyone know - expMT
Posted: Jun 04, 2012
if you can do both? I work for a company as employee (takes out taxes, etc.), and was offered a PT job as IC (no taxes out). Can I do both? Do I just claim each one separately on taxes?
IC vs employee - pookbina
[ In Reply To ..]I don't know if you are talking about being an employee and IC at the same company or not. I think either way, whether it's 2 separate companies, you can do as you wish. Taxes are just computed differently. as an IC you're paying all your own taxes and actually should be paying quarterly taxes to IRS. There is also a tax form for working out of your home as long as you do the work out of one room. Forget the number of the form but you have to compute the square footage of room in comparison to whole house and then figure out utilizes with the percentage difference for that one room you work out of. But yes, nothing illegal about working as both IC and employee, just tax differences.
It is for 2 different companies, one as employee, one as IC - Thanks-nm!
[ In Reply To ..]nm
doing both - ICMT
[ In Reply To ..]Of course you can. That's like saying, if I own a lawn mowing business can I still work as a nurse.
The only drawback would be if your employee position had a contract clause that stated you could not do MT for any other company (and that would include your own). Those clauses are really difficult to enforce but it still is an instance when it might be an issue.
You also have to make sure to keep good records. Your expenses as an employee can't be included on your expenses for your MT business.
IC and employee for same company? - NC MT
[ In Reply To ..]You CANNOT be an IC and an employee for the same company. That's a good way to alert the IRS that you're not paying OT. Just let all the hours over 40 be as an IC. Goodness!
I said it is for 2 DIFFERENT companies, so your post is irrelevant to the question NC MT!! - expMT-nm
[ In Reply To ..]nm
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