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IC versus employee? - kk
Posted: Aug 02, 2011
Would anyone care to share their preference as to IC versus employee? I am curious as to which is best and thinking of switching to employee status.
Personal preference - VetMT
[ In Reply To ..]One advantage of employee status is that your company pays half your Social Security, which amounts to 7.5% more tax you will have to pay in on your own as an IC.
Another advantage, if it means anything to you, is insurance, 401K, etc.
A third advantage, which never turned out like I'd hoped, is paid holidays and a few paid days off a year. As an IC, if you don't work, you don't get paid.
All told, I have done most of my career as an IC. That way I have more control over my time, and if somebody runs out of work, I am totally free to go out and scrounge up something else, i.e., nobody expects me to sit and stare at the PC screen and pray for work and/or enough lines to keep my fulltime status so I don't lose my benefits.
I think for me, bottom line is personal sovereignity. I'm my own boss. However, ICs do have to o keep all promises they make to be successful. You definitely have to walk like you talk, which is not a problem for me. All told, I have made much more money in the years I've been an IC, and I've enjoyed many more days off too. After 9 years as an employee, I am now returning to IC status.
I think the thing I hate the most about being an employee is the paternalistic attitude employers take toward their people. And the lies of omission. And the difference between "you get 5 days a year of PTO..." and the reality that you take those 5 days when they say you can, not when you decide to.
I really have had a better quality of life as an IC. I am at an age where quality of life has become more important to me than money. But then, of course, money is a factor in quality of life...
Thanks for sharing. I have always worked as an IC - KK
[ In Reply To ..]and thinking of going employee status simply for the 401-K. I just seem to be having a hard time deciding. Thank you for sharing IC versus employee. I will be giving some thought!
I currently am both. I am an employee for my FT - me
[ In Reply To ..]job and an IC for my PT job. Until I took the second job I had always been an employee. I like having my taxes paid. I like having PTO and other benefits. I don't like having to work a strict schedule.
My IC position I like because while they do request a schedule (aren't supposed to but do) I'm not tied to my chair and if I want to take a break I do. Getting a day off is easy, whereas I'm supposed to ask at least 2 weeks in advance with employee position. I don't like having to pay my own taxes and since I've never done it I'm not used to saving. I have increased deductions with FT position to hopefully make up the difference. The IC position pays more per line, but of course when you take into account no benefits and having to pay taxes it is significantly less.
Thank you for sharing! - KK
[ In Reply To ..]I am not wanting to be glued to my computer and that is my biggest thing. I am thinking I may give employee a try and if I don't like it switch back to IC (job offers both). I will be thinking a lot today. Thank you ladies for your help!
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