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1099 and locums

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  • childay
    replied
    W2 vs Self-Employed | White Coat Investor

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  • Bmac
    replied
    I'm not sure I completely understand your question, but if you are hoping to be paid about the same amount, in order to make a semi-apples-to-apples comparison, I think you would need to take into account all the fringe benefits that you have with your W2 job that you would not likely have as a 1099 contractor. For example, medical/dental insurance, group life/disability insurance, 401k or other retirement plan employer match or other contributions, HSA contributions.These are all items that you may be receiving from your current W2 employer that you will probably not be receiving as a contractor and thus would need to fund for yourself.

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  • sandy
    replied
    Originally posted by Bmac View Post
    Here’s some light reading to get you started. In brief, you benefit from the ability to deduct business expenses while having to pay self-employment taxes and make estimated tax payments roughly quarterly.
    https://www.irs.gov/pub/irs-pdf/p334.pdf
    Thanks. is there a way I can look how much should i ask for compensation in 1099 based on my w-2 income?

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  • Bmac
    replied
    Here’s some light reading to get you started. In brief, you benefit from the ability to deduct business expenses while having to pay self-employment taxes and make estimated tax payments roughly quarterly.
    https://www.irs.gov/pub/irs-pdf/p334.pdf

    Leave a comment:


  • sandy
    started a topic 1099 and locums

    1099 and locums

    Dear all

    I have been thinking of starting as a locum and in talks with a group.
    I am not sure how to plan the contract in terms of the income or compensation on 1099. how do i calculate the compnesation on 1099. I am a w-2 now and not sure how to calculate taxes and other deductions based on future 1099 income . I will be leaving the w-2 job altogether and will be joining the 1099 job.
    any links or literature or education/personal experiences will be greatly appreciated.

    Thanks

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