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If you work as an IC, do you still get W2 forms - for taxes? Are your taxes - sm
Posted: Mar 21, 2012
taken out of your paycheck each pay period, or do you have to figure all of that out yourself?
If so, do you think it's worth it to be an IC, or not worth it?
If you're a non-married IC, how do you deal with medical insurance? Does the IC pay cover the difference? If you go without, how do you deal with doctor bills?
Anything else I should know about being an IC? I've always been an employee, but some of the IC jobs look tempting, and I'm thinking of switching.
what is IC status - icmt
[ In Reply To ..]IC = INDEPENDENT contractor. Self-employed business person.
You will not get a W2 as that is the form used for employee WAGES. You will or should be given a 1099 - which is for non-employee compensation.
No taxes are taken out because you're a contractor. You need to figure this out yourself. Unless you're making really good money, 25% is a good figure to be putting aside. You should/could also pay taxes on a quarterly basis. You will be paying all of your social security (whereas as an employee your employer pays their 7.5%).
No benefits. Get your own health insurance. It's 100% deductible. How much you can pay depends on what you bill and collect and how many other bills you have. Most services now do not pay any more for an IC than they do an employee and it's sad that people in that category don't stand up for themselves better. You would pay your doctor bills the same way you pay all your other bills.
If you are contracting with the provider themselves, you will make more money than if you are contracting with a middle-man service.
I've primarily been an IC for 30+ years. Love it. Financially, I make out better than if I was an employee.
When you say, "Some of the IC jobs look tempting" I have to assume you mean working for a service as a contractor. They can/may still ask you to work at a particular time, meet certain quotas, attend meetings, etc. YOU should be submitting a contract to these companies stating how you want the relationship to look not just blindly signing on and accepting their terms.
Technically speaking, if you are a contractor you need to be sure you are up-to-date on HIPAA and any new laws regarding privacy, as anyone you contract with can ask you to provide information on your security officer, etc. (I've only had one company do this, but one is one.)
Thanks for your reply! IC seems more complicated - than I would want to deal with. nm
[ In Reply To ..]*
1099 - hapMT
[ In Reply To ..]You get a 1099 form in place of the W2 when you are an independent contractor (IC).
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