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

Trying to decide between employee and IC... - wasHappyMt

Posted: Dec 08, 2011

I am a little math challenged. Does anyone know which would be better (general ballpark idea) employee at 8 cpl, or IC at 9 cpl? I do not need the insurance, as I have private insurance, so strictly paywise. Is it better to take the lower cpl and not have to pay the entire tax, or the higher cpl and pay all taxes?

TIA.

status - mt1347

[ In Reply To ..]
Of course you have to decide that. If you don't need the insurance, you have more freedom than most MTs who take employee status for those benes. I have worked as both and been in the business much longer than I had ever planned. Currently work as IC and I would go back to employee status in a snap if I had the opportunity. MTSOs use IC to save themselves 10s of thousands of dollars in payroll taxes and it increases their profit hugely. Unless you are self-employmed and have your own clients or work at a company actually lets you set your own schedule, do not take IC status.

Decision - EmployeeMT

[ In Reply To ..]
As far as compensation, since you do not need insurance, it should be a wash since your self-employment taxes will just about equal the differential you mentioned. To me, there is comfort in having my employer process the taxes for me. If you value a more flexible schedule, you may decide that IC status would be beneficial.

Don't forget unemployment benefits - only available - rose

[ In Reply To ..]
as employee status....you just never know.

I'm an IC and love it - anon

[ In Reply To ..]
For me, I took IC status because I loveloveLOVE having the flexible schedule. If there is no work available, I just log off and try again later with no penalty for not keeping my "schedule" like employees receive. If I can't sleep at night, I can get up and type a few jobs if I feel like it, or have a spare minute here and there. If I need to make an appointment, I just make it without worrying about it cutting into my work day.

For the taxes, I have arranged it so that 20% of my pay is deposited via direct deposit into a separate account every pay check to pay my taxes with. I never even see the money, it's just like having taxes taken out by the company only you are doing it yourself.

I don't regret ever signing on as an IC because I have a life outside of a work schedule, I have my taxes paid, etc. It may not work for everyone but it's the perfect setup for me.

I go IC when I dont want limits on how much I can - work. nm

[ In Reply To ..]
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