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I am considering taking an IC position with an MTSO - Give it to me, good & bad

Posted: Jun 09, 2013

Thanks for any input. I've never worked IC before...

IC Position - Midwest Mom

[ In Reply To ..]
It depends on your situation. I don't need benefits and do want flexibility with my schedule, so I will work IC only.

IC for me - ICMT

[ In Reply To ..]
The only way to go for me. Very flexible schedule. If you need benefits, then employee is the way to go, but then that's not free, either. I make better money as an IC and any software or upgrades I do to my equipment, I write it off. You can even deduct mileage you put on your car to when you go to the bank to cash a check, unless you have direct deposit. The downside is that you get no paid time off and you just have to weigh out the good and the bad of it. It's not for everyone, but I have been an IC for over 10 years and tried employee and I'm just too independent.

IC vs employee - ICMT too

[ In Reply To ..]
Your schedule is supposed to be more flexible as an IC, although some companies still want you to adhere to a rather strict schedule. I did have an employee job where my schedule was flexible, but I think that is probably rare.

I wouldn't worry about insurance as a reason to go one way or the other. I buy my own insurance, so I don't have to take that into account on whether to take or keep a job. I actually had an employee position last year, and the insurance I had was a better deal than what they were offering anyway, so I just kept my own.

As an IC, no taxes are taken out of your pay, so you need to keep that in mind. I set up a second checking account, and on payday I calculate 30% and just transfer it to the other account. That way, I don't spend it and come up short for taxes. I use that second account for taxes and health insurance premiums only, don't touch it for anything else.

You might want to talk to an accountant about how to make your tax payments. I pay mine quarterly from forms that my accountant gives me. He calculates my payment based on my previous year's pay (we are assuming it will be similar the following year), but you can make adjustments if your pay changes a lot from one year to the next.

That's all I can think of for now. Feel free to email me if you have any other questions. Good luck!

Thanks! - OP

[ In Reply To ..]
Thanks for the replies. I don't need benefits, my dh carries those for our family. I DO need flexibility, as I am homeschooling our son. However, I'd like to know if it is unusual (and too good to be true) that I will be paid hourly? I know as an employee, it's per line, but this offer is to be paid hourly. I'm worried right now & don't want to get my hopes up...what do you all think??

hourly pay is for employees - ICManiac

[ In Reply To ..]
As an IC, you negotiate your fee. You calculate your expenses and add a profit margin. That is the rate you charge. If someone wants to contract your services, you can negotiate.

Someone who is wants to pay you an hourly fee is capping your income potential. That works against the concept of independent contracting. Per line pay works for both employee and IC, inasmuch as the employer continues to pay at least minimum wage per hour when work is not available.

I recently saw an in-office employment ad stating hourly wage, strictly during office hours (but allowing flexibility during those set office hours), using employer-provided equipment. This is clearly a violation of labor laws. That employer should be deducting taxes as that is clearly not an IC position.

You also need to be prepared that you may or may not get notification of a physician's vacation time off. If you need income during a particular month, you may not get it because an IC does not always get notice of the physician taking time off.

An IC treats his/her business as just that, a business.

I understand that, however... - the pay is hourly sm

[ In Reply To ..]
With the per line wages so low now, I'm wondering if the hourly wage might be better. I'm seriously considering taking the position. Wish I could post the company it is with, but was asked not to...

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