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AFRAID TO BE AN IC - MT2

Posted: Aug 25, 2012

I am afraid to be an independent contractor! Between no benefits and no work. Does anyone have anything good to being an IC? Don't the employees get the work first? Do you "babysit" the computer a lot?

To me, the best thing about being IC is you can work as much - as you want, assuming there is work and SM

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luckily for me, I always had IC jobs where work was plentiful. I paid of 30K in home repair debt in 5 years by working basically 24/7 as IC for couple of different companies.

Oh yea, all the deductions are great, too.

AFRAID TO BE AN IC - MT2

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I will keep this in mind. Thank you!

I'm in this position - how did you make it through? - RainyDay

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I'm in the process of working like this. Some days I don't think I can do it; other days I know I have to. How did you make it through working that much, any tips?

It wasnt easy but the threat of not getting rid of my debt was worse - than no sleep. I talked this over SM

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with my family before I started. I quit my outside job cause I was making more money at home doing this. Then I got to work. I did nothing around the house. Few family functions. Kids were old enough to be a big help and they understood what I was doing. I even had a couch in my office and when I was exhausted, I plopped down on that to sleep. Had little fride in office. I mean I was a working fool, but I got it all paid off. Now, my money is MY money. It was worth it.

But you know the hardest part? Relearning how NOT to work 24/7. It was much easier getting in the groove of 24/7 work. Much harder letting myself NOT work 24/7.

thanks - RainyDay

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Thanks for your reply. I'm not quite working 24/7, but enough that I feel like I sleep/work/sleep/work. It's especially hard for me in the summer, because there are so many other things I'd rather be doing. I guess when it's cold and dreary it won't feel as difficult. I have a mountain of debt, and it's nice to know that someone was able to come out on the other side with a lot of hard work.
Thanks again!

This might not work for you but another thing I did was - kept my credit card debt on cards with no SM

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interest. When the no interest was getting ready to end, I would move it to another no interest card. At that time, I got offers for no interest cards frequently. I didnt worry that about opening a new card because I knew once this debt was gone, I was never gonna get anything I couldnt pay for right then.

But do they even still offer no interest cards? I just use my debit card now.

I think the Great Recession has permanently changed - the spending habits of a lot of us. -s/m-

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Just like the Great Depression did for a lot of our parents or grandparents.

I've had to become so frugal in order to survive being an MT, with no other job opportunities presenting themselves currently, that even if I were to win the Lottery tomorrow (which is doubtful, as I'm too cheap to play!), I would likely still recycle aluminum cans for cash, shop at the discount supermarket, and drive my car only when I had to. The money would get socked away somewhere as a security blanket, so never again would I have to go through each day so full of dread for each coming day, wondering where the money to pay for that day was going to come from.

cash advances to keep a roof over your head - my strategy also

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My good credit is one of the few things I still have going for me in this nightmare we find ourselves in. Find new credit card ads that offer introductory cash advances that do not accrue interest for 18 months. Once you have done this once or twice, and even transferred balances to a better offer, they begin to sense you are in trouble, and try to take advantage of that to really get you in over your head, and the offers become better and better. Pay on all, but pay the most on those coming due soonest. Above all else, obviously, stop charging things.

Surely you dont think cash advances are a good - way to manage your money?? nm

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x

If yours is cc debt, Suze Orman recommends pay extra to - lowest amount cards and get SM

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them paid off. Then put the money you had been paying on them towards the next lowest amount card. In that fashion work your way up your cards til they are all paid off.

Great ideas - RainyDay

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Thanks for the helpful information. Most of it is CC debt. I think there are still zero-interest cards, but I don't have any. So I will start with the smallest-debt card first, get it paid off, the apply to the next highest. Good plan. It seems more attainable than just randomly paying extra here and there. It's tough to be in this situation, but it can be gotten out of.
Thanks again!

In most cases, there is no benefit to being an IC anymore. - nm

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.

pros and cons of IC - OHMT

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Pros:
-You have more control of your work schedule.
-You can work for more than one company.
-You can get your own insurance and not be at the mercy of your employer about which insurance company they use and how much your premium is.
-Tax deductions!

Cons:
-You have to be motivated. As an employee, some companies expect you to work a more rigid schedule. Some people need this in order to stay on track.
-You provide most or all of the equipment you use. Some companies do provide computer equipment to employees, but as an IC you may only get a foot pedal and software. You are responsible for your equipment's upkeep.
-Higher taxes. An employer pays half of your FICA, but as an IC you are responsible for the entire amount.

I've been an employee and an IC. There are pros and cons to both, and probably some I haven't thought of just now, since I just woke up. Feel free to email me if you have any questions, and good luck in whatever you decide to do.

afraid to be an IC - ICMT

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You have to remember there are two types of ICs in the MT business.

There are those who contract as a third party (the MTSO is your CLIENT) and there are those who contract directly with the provider (the doc/hospital is your client).

In the first scenario, you have to determine if you're really an IC or not. If you're treated like an employee, then you have to either accept that you are working misclassified, talk to the MTSO about correctly classifying you (which more often than not would mean you give up the job), or going to the DOL and reporting the MTSO.

You are not guaranteed work as an IC in either scenario. In scenario one, you may be asked to cover specific hours. That means if there's work in those hours, you get work. If there's not, you don't. In the second scenario, one day you could get 4 hours of work due in 24 hours, the next day you could get 16 hours of work due in 24 hours. In the second scenario, you are on 24/7. The buck stops with you.

Pay for the first scenario is usually low, the same rip-off pay they are giving to employees. We used to get paid a higher rate but fewer and fewer MTSOs are doing this now. Technically, you should be giving them your rates, but the reality of that is they are paying X and if you want Y move on.

In the second scenario, you are deciding what to bill the client and therefore can bill 10-16 cpl depending on geography, expenses, etc.

So if you're going the first scenario where an MTSO is your client, you're at no higher risk than an employee for not getting work. I'm sure there are likely some companies that prioritize work to employees, but that practice seems to have gone to the wayside. (BTW, if they have employees AND ICs, then you are likely a misclassified employee.)

I've always been an IC, at various times in both scenarios but now I work as a third party with MTSOs my clients (I work for two). I also have an part time employee position that helps balance out my tax burden.

What you have to realize is, you are no more at risk of not getting enough work as an IC (first scenario) than you are as an employee. The companies that over-staff and frequently run out of work aren't good for any MT no matter what your tax status is.

I agree with this and currently work as an employee. - sm

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I had to because I was tired of logging onto my IC job and finding no work or that everyone else beat me to it. It was a true IC position, no set schedule, no set workload/quotas. So, basically I was out of luck if I did not babysit my PC.

On the other hand, now that I am a FT employee, I only work the IC job if and when I feel like it because it is all pooled true IC work with no set hours.

I, personally, would stay away from MTSOs that claim they need ICs but require a schedule. That, to me, is employee status. I refuse to apply/work for set hours as an IC. There has to be something as an incentive to taking on your own tax burden, that being flexible hours. Also, most MTSOs hiring ICs set the rate as well. To me, this is also employee status. If I'm a true IC, I set my own rate, and they either accept it or not.

I am really glad to see you put that the MTSO is your client. You speak how I think. That is the truth. I feel like so many MTSOs want their cake and eat it, too. You can't contract ICs and then require they work set schedules to keep your clients happy but then turn around when the work is all caught up and just say "oh well, you're out of luck today."

As an employee, I am paid for no work and downtime due to the computer issues that come about, and yes I am utilizing a computer computer for my employee status job that they maintain. I do still work from home. The only thing I would have to say that I'm not sure what to do about is how are we compensated for our other office equipment, electric bill, and internet service? But, of course, I know there are other employees out there in other industries that are required to check e-mail, etc., basically off the clock, on their smart phones, etc., but I'm not sure if they are salaried employees or just what.

Anyhow, I totally agree with your scenarios.

The scariest thing about being an IC is that the MT companies hiring (correct term would be contracting in my opinion) them have every right to not have work, and there is nothing that IC can do about it.

afraid to be an IC - MT2

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Thank you ICMT for all this great info! I'm going to save it, refer to it and forward it on! I LOVE being a transcriptionist, but I've been getting paid next to nothing working at home.

I babysat - Leaving MT

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I have had 2 IC contracts, and neither one worked out too well. One was my first MT experience, and the MTSO that I contracted with had stated clearly in the contract that the work would be assigned in the evenings and due 24 hours later. It was a small MTSO, and the owner preferred to assign work instead of putting it all in a pool. Anyway, there would be plenty of work, but she sometimes didn't get around to assigning it until midmorning the next day, yet she still wanted it back that day. I liked the owner, liked the work, but I didn't like waiting around at the computer all morning wondering about work and then having to rush to get it done for her by early evening. I picked up another contract and naively told the owner about it, and she didn't feel comfortable with that and felt it was best I not work for her anymore. She felt like I wouldn't be able to handle both. I guess I was "fired."

My second contract was just awful. Again, I contracted with an MTSO. This time the work was in a pool. The work would come in all at once around 9 in the morning, and the MTs could all grab as many reports as they wanted to do for the day. If you were not at your computer at the precise time the work was loaded, it would be gone - and I mean in a matter of less than 5 minutes gone. That happened to me just once, and I learned to stay glued to the computer in the morning. I only lasted there for 6 weeks. The job I have now blows both of those away, but we have been slowing down for the past couple of years, and I think it is time for me to transition out. My current situation is not an IC position.

Good luck to you.

IC MT2 - mymind

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Ive never worked as an IC, wondering the same thing myself, Ive not seen too many good comments about IC work on here, but funny thats how most these MT companies hire. Ive always worked as an employee. I would hate to have to baby sit my computer!

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