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Questions about IC status - Please sm
Posted: Jan 21, 2010
I've worked for an MTSO for about nine years. Work is scarce, and I need to find another part-time job or maybe just leave and work full time. I don't know anything about IC. I see things like you are required to do your own taxes and can work the flexibility of what you want as long as you get the TAT. I know insurance is not covered in these positions. But how do you handle time off for vacations or personal days? Do you go on vacation and then come back to a week's worth of dictation waiting for you or is someone else put on the account. I usually take two weeks of vacation and about 3-4 personal days a year. Just wondering how this works.
Also, as far as taxes, is there a website so I would know how much money to keep to pay taxes. And how do you generally pay those? At the end of the year or quarterly?
Any information would be appreciated. TIA.
All of that depends on your client. Some have more than - jt
[ In Reply To ..]1 MT working for them so they would just pawn it off on them. Others want you to find someone to cover for you if you are out. If you are an IC for an MTSO, no big deal. You just tell them you can't work whenever you take vacation. If you are working as a FT employee for the MTSO you don't really have to worry about taxes. You can have extra withheld from them and if there is any difference at the end of the year it is probably not going to be that much. I work as a FT employee and have an extra $10 held out on my W4, normally make about $6000 as an IC and have yet to pay taxes on it; epsecially if you keep track of any and all deductions you can take from being an IC.
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