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Employee versus IC--opinions? - tggm

Posted: Oct 31, 2012

I would like others opinions on employee versus IC status. I don't want to pass up an opportunity because its IC as I have been mainly applying to companies who offer employee status. Thanks!

No difference... same pay. - unless you need insurance

[ In Reply To ..]
They pay the same now, except IC you have to take out the employers portion of your state taxes as well as your own. When I was IC, I put away 27-30% of my check into a bank account for taxes and paid quarterly.

Employee is nice, however, because if the company folds, or work dries up, you can collect unemployment while you look for another job (happens all to often now a days). However, I also collected unemployment from my IC job because they had me classified wrong (also happens often now a days).

Makes sense - tggm

[ In Reply To ..]
Ok, that makes sense. I turned down a job offer today over going IC. They pay was more for IC, but I wasn't sure it was worth it. I do like the idea of employee status as I have been laid before due to the hospital switching to VR.

Classified Wrong - Curious

[ In Reply To ..]
How did you prove you were classified wrong? I am asking b/c I feel this happened to me too. Did you have to go back and re-file your taxes for every year you were classified as an IC? If you put money in a self-employment pension, what happened with that?

your answer - sm

[ In Reply To ..]
I did not go back and refile my taxes. I am not sure if the IRS will view me as misclassified, however, my states unemployment office sure did.

I just filed for unemployment and the claim person called me and asked me a series of questions. Then, the contacted the employer and asked them a series of questions. I was not trying to collect from this job, as I was working 2 jobs for a period of time and had stopped working at this job over 6 months before that. I was only trying to collect on the other one. However, the claims person felt that I was misclassified and I received a higher amount of unemployment due to that.

I guess I could contact my tax fellow and ask what I should do, but I think I will let it go. I would like all that money back, but who knows what the outcome would be.

Employee versus IC is Different - MMM

[ In Reply To ..]
If you work as an employee, by law, they have to pay you your state minimum wage. So if you work XXX amount of hours and your line counts do not add up to meet minimum wage, they have to pay you the difference. However, an IC, you are stuck with the pay you agreed upon no matter how many hours you work. You are protected by the law as an employee...as an IC, you have no rights and are on your own. BIG DIFFERENCE.

Been there, done that - JustMe

[ In Reply To ..]
I have been an IC (for years and years) and an employee. There is a big difference. If you are self-employed, you have to pay a self-employment tax, which is in the $3000 to $3500 a year range, I can't remember which. Employee is better, b/c as an IC you can't even take off when you want to anymore or flex your time.

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