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Independent contractor - can work more than 40 hrs. a week, since not working as an employee - SlavetoJackRussell

Posted: Jul 24, 2012

I've just started working as an independent contractor and I was wondering if an IC can work more than 40 hrs. a week, since not working as an employee. This is all new to me. I've always worked as an employee before. I just couldn't handle the VR anymore. It's a joke and decided it was time to "just say no!" The big boys came up with it and they can deal with it. Not going to ruin my health (body and mind) anymore for minimum wage! That being said, I'm very willing to work more hours doing standard transcription and get a decent paycheck for it.

independent contractor - icmt

[ In Reply To ..]
Are you an independent contractor in the sense that you have gone out and gotten your own direct service providing clients? Or are you an IC who works for an MTSO?

Let's assume it's the second. You should state in your contract how many hours you are available and cover doing over 40 hours. Since you aren't paid hourly and you are a contractor, some services will allow you to work as much as you want. HOWEVER, if you are an IC misclassified and should be an employee, the MTSO will likely try to hold you to employee rules.

Remember, if you're a contractor, you're your own boss. The MTSO becomes your CLIENT. So you should be giving THEM a contract stating your terms. If people would do this and insist on being treated as legitimate ICs fewer MTSOs would get away with misclassification.

Are you submitting hours you work? or just what you produce? - anon

[ In Reply To ..]
I worked IC for a local physicians group and it was paid by agreed upon line count and had nothing to do with hours worked. Strictly production.

I hated being an IC - the self-employment taxes are a NIGHTMARE. I ended up in so deep with the IRS, a minimum wae job would have paid better.

IC status and taxes - barandgrill

[ In Reply To ..]
I read this with interest. Just accepted first IC position, starting Monday, and these are questions I had. What percentage of money earned should be held aside for taxes? Interested also in learning whether it can be more than 40 hours per week. Thanks in advance.

Taxes and hours - anon

[ In Reply To ..]
I would recommend you set aside at least 20% for taxes (depends a lot on other household income and filing status). Actually, I would HIGHLY recommend you consult an accountant at least once for advice. I seriously got destroyed by the IRS. I will never do self-empoly again.

As far as hours go, I was IC for a clinic that I contracted for myself and hours were irrelevant. It was strictly production and when I turned in my invoice for pay, hours were not included.

I am not sure if you are working for a company as an IC what their rules would be regarding how many hours you can put in.

IC status and taxes - barandgrill

[ In Reply To ..]
Thanks. It would be for a transcription company.

I C and taxes - revised

[ In Reply To ..]
Self-employment taxes aren't that much unless you're making huge amounts of money. S.E. tax is the other half of your Social Security that an employer would normally pay. It's about 7.5%. you should be paying your taxes quarterly so you don't get hit with a huge tax bill in April.

I always plan on 25% of my income being set aside. That covers my federal, state tax, SS, Medicare, and self-employment tax. I *always* get a refund - (sometimes to myself from my tax account) because once you've made your IC deductions, your income is lowered. If you have a working spouse, you can also work it so they have a little more taken from their check to balance out what's not being taken from yours. I really advise you to consult an accountant if for no other reason than to educate yourself. I love working as an IC.

Taxes/IC - Eliz

[ In Reply To ..]
I would also highly recommend consulting with an accountant BEFORE tax season. When I worked as an independent contractor I saved receipts for a number of write-offs that are allowed and should offset your tax bill at the end of the year. Specifically, I wrote off office space (1/6 of my rent since that was the approx size of home office,) office supplies, any business mileage, professional journals/magazines and any business lunches or dinners. An accountant will tell you what you can deduct and how to itemize your deductions so you can be prepared for tax season.

IC and taxes - barandgrill

[ In Reply To ..]
Thanks to many of you for your help in trying to figure out how much to set aside. Comments were helpful.

Revised - anon

[ In Reply To ..]
Wow, seriously.

Condescending. Rude. Sneaky.

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