Hey..in this day in age, there is no such thing as a job for life anymore, and there is virtually no such things a loyalty from a company towards the employee any longer.
So, I figure, if you're gonna have the job stability of a contractor, you might as well be a contractor and at least get the bill rate that goes along with it.
As a 1099, you are not an employee and the company is not responsible for any benefits. So the company can on the fines for the ACA.
True, but as you being the contractor on the other end of things, you can write off a LOT on your taxes, all work related mileage, you supplies, cell phones, internet...etc.
While it does give you a bit of paperwork to contend with, once you pass that first slightly high part of the learning curve, that part becomes regular rote actions with a little time.
Hire a CPA, and you're likely golden. Sure, its a bit more effort, but how much effort is worth keeping your hard earned money from the IRS as much as possible?
Definitely look into incorporating yourself, and if you are just a "company of one", look into filing for Subchapter "S" Corporation for federal filings.
You avoid double taxation this way....you pay yourself a "reasonable salary" according to the IRS, and you only have to pay employment taxes (SS and medicare) on that portion of income, the rest falls through at EOY, and you don't have to play employment taxes on that, nice way to save your hard earned money.
Do get a CPA for this however.
I'm anxious to see what the individual mandate does to the self employed worker from Obamacare. I'm thinking I'll need to raise my bill rates next gig I do that is 1099 and not W2 to cover that.
What they want is to eliminate people's rights by cutting any kind of economic support the government has for its citizens.
Err...WTF does this mean?
What "rights" do you get with economic support from the federal govt?
Are you even insinuating that Federal Economic Support is somehow a fundamental "right" listed in the US Constitution as one of the few enumerated powers of the Feds by said constitution?
Just remember that you're going to also have to figure out how to handle all the marketing, capital investments, accounting, collections, legal, HR benefits (health, retirement), etc. that your employer would have previously handled for you. If you can figure out how to do it more efficiently and effectively than them, then you'll end up with a bigger take-away from that billing rate, but either way you'll be dealing with a LOT more than you are now.
Honestly, it isn't that big a deal.
First, hire a CPA, that will help you keep the tax man happy. I got one to show me (corporation of 1) how to do my payroll, how much salary I had to pay myself (S-Corp) out of total billing to keep legal, what employment taxes to take out of that amount, and let rest fall through at EOY without employment taxes (I love and Scorp). Other than that, I did a little research to find a high deductible insurance policy and coupled it with a HSA that I socked away about $3K / yr pre-tax...etc.....it really isn't that difficult.
Sure, like with anything, there is a learning curve, but once you get it down, it is basically automatic to do those things...and I don't mind a bit more paperwork when I get to keep and do with MY money what I want to do with it. I get to write so much off and keep more of my own hard earned money.
But, do...get a CPA and talk with them to make sure you get one that will help you learn the ropes....but after that, piece of cake.
If you want to offload some of that..you can work thorugh contract houses that help with much of this type stuff, but, they do take a cut for that service.
Maybe I was just lucky but I stayed with my last job over 40 years. Retired last summer and a large reason I stayed so long is because I loved my work. So much so that I created a 12 node networked Linux system at home to learn more so I could have more fun at both work and home. The knowledge gained at home did help me get a few better raises though eventually I was promoted to a position not requiring those skills. Now, it remains my main hobby and is the thing helping me enjoy all of this spare time.
Congratulations!! I'm quite happy for you, but I do believe you are definitely and outlier on the current job market of the past years.
I learn things in my free time in order to beef up my skills for the next employer since the only way you can get a raise is to change jobs.
Anyone notice you only ever get more responsibility but never more renumeration to go with all that extra work?
Yep, that's been largely true for at least the past 2x decades.
The days of having a single job for life, raising through the ranks, to get more pay and better positions is long gone. It was ending as MY parents were working, and it certainly hasn't existed (with VERY few exceptions) in my work lifetime.
You work somewhere, get experience...2-3 years hop to a new job. After that for awhile..I jumped into contracting...never looked back.
If you're gonna work in an environment with no job security and no company loyalty (today's W2 market), you might as well contract and get the bill rate to go along with it.
I don't have a bad work environment, but I do separate 100% work from home 'play' time.
I mess around with tech/computer projects quite a bit at home, but they are only ever directed at my personal interests or projects I'm working on at home. Any help they give me in my work capacity, is purely accidental and un-intended.
When I walk out of the doors at work and the door hits me on the ass on the way out, I don't give work another thought till I cross that threshold again. They don't pay me for my free time.
I'll spend working hours and any other paid hours for work related education, no problem. But my personal free time, is the most valuable thing I have. And I give the majority of each week to work related hours, so anything outside of work hours, I prize and cling too as highly valuabe as MY time. Time for me, time for my family.
I often reject OT hours and pay in lieu of my personal time. It has to be very much needed, and paid for...again, I don't work for free. If I didn't have to work to earn money for a living, I certainly wouldn't be crossing the threshold of a worksite again, so, why would I give my personal time up so easily?
Ooo! Outsiders worked so well before! Snow-den! Snow-den! What fun.
If youi're taking a snipe at contractors vs govt personnel here on this one, there really isn't much a difference in the loyalty or trustworthiness of the two.
If you're working on something security related, you have to sign the same forms saying you're liable to the same laws and penalties if you divulge secrets, etc.
It isn't like the govt. worker is held to any standards higher than the contractor is, if working on the same system/data.
And a secret clearance background check isn't any more thorough for a govt employee than it is for a contractor, they pretty much use the same exact methods and entities for them.
Now institutions, such as universities and your workplace, have decided to take punitive actions against those with ideas that might not be perceived as politically correct.
Precisely. They are, in fact, inherently traceable.
That's what I understood, but even so, this part in the synopsis: "...with a Libertarian political agenda in mindâ"to damage states ability to collect tax and monitor their citizens financial transactions," really bothered me.
WFT does the state have any reason whatsoever to monitor my financial transactions.
If you think something illegal is going on with me, get a warrant, but otherwise, just fuck off and leave me alone, eh?
The public domain is not affected by this law in the slightest: it's between the Beatles and Apple Corp. Apple doesn't want the McCartney and the other 3's families getting hold of the material and then selling it themselves for a higher percentage, so they've rushed this out to hold onto their cut.
Err....don't the Beatles (and their families) own Apple Corps?
Actually, I take that back. Plenty of people call him worst, but I haven't heard even many liberals or Democrats (and I am one) call him the best. It's just that we don't think he is the worst thing to ever happen to America in the history of the republic, as many conservatives have said in those exact words. The truth is, he's can't be both a cryptoIslamic monster terrorist Manchurian candidate and a totally incompetent nincompoop, so the truth is actually that he's just a mediocre, well-meaning but largely ineffectual politician.
I think Mr. Obama is a highly talented campaigner, and well, that's about as far on the compliments as I can go at this point in time.
I bet the news of this study causes more harm than good. The takeaway many will have is that multi vitamins don't help anyone. When they clearly serve a purpose for those stuck on the fast food treadmill
Well, in that case, kind of a moot point.
If you're "stuck on the fast food treadmill", you've got bigger health problems ahead that no amount of vitamin supplements are going to help with....
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So, I figure, if you're gonna have the job stability of a contractor, you might as well be a contractor and at least get the bill rate that goes along with it.
True, but as you being the contractor on the other end of things, you can write off a LOT on your taxes, all work related mileage, you supplies, cell phones, internet...etc.
While it does give you a bit of paperwork to contend with, once you pass that first slightly high part of the learning curve, that part becomes regular rote actions with a little time.
Hire a CPA, and you're likely golden. Sure, its a bit more effort, but how much effort is worth keeping your hard earned money from the IRS as much as possible?
You avoid double taxation this way....you pay yourself a "reasonable salary" according to the IRS, and you only have to pay employment taxes (SS and medicare) on that portion of income, the rest falls through at EOY, and you don't have to play employment taxes on that, nice way to save your hard earned money.
Do get a CPA for this however.
I'm anxious to see what the individual mandate does to the self employed worker from Obamacare. I'm thinking I'll need to raise my bill rates next gig I do that is 1099 and not W2 to cover that.
Err...WTF does this mean?
What "rights" do you get with economic support from the federal govt?
Are you even insinuating that Federal Economic Support is somehow a fundamental "right" listed in the US Constitution as one of the few enumerated powers of the Feds by said constitution?
Honestly, it isn't that big a deal.
First, hire a CPA, that will help you keep the tax man happy. I got one to show me (corporation of 1) how to do my payroll, how much salary I had to pay myself (S-Corp) out of total billing to keep legal, what employment taxes to take out of that amount, and let rest fall through at EOY without employment taxes (I love and Scorp). Other than that, I did a little research to find a high deductible insurance policy and coupled it with a HSA that I socked away about $3K / yr pre-tax...etc.....it really isn't that difficult.
Sure, like with anything, there is a learning curve, but once you get it down, it is basically automatic to do those things...and I don't mind a bit more paperwork when I get to keep and do with MY money what I want to do with it. I get to write so much off and keep more of my own hard earned money.
But, do...get a CPA and talk with them to make sure you get one that will help you learn the ropes....but after that, piece of cake.
If you want to offload some of that..you can work thorugh contract houses that help with much of this type stuff, but, they do take a cut for that service.
Congratulations!! I'm quite happy for you, but I do believe you are definitely and outlier on the current job market of the past years.
Enjoy your retirement, stay active and have fun!!
Why has he not gotten in trouble legally yet?
Isn't that what having a wife is for...?
Yep, that's been largely true for at least the past 2x decades.
The days of having a single job for life, raising through the ranks, to get more pay and better positions is long gone. It was ending as MY parents were working, and it certainly hasn't existed (with VERY few exceptions) in my work lifetime.
You work somewhere, get experience...2-3 years hop to a new job. After that for awhile..I jumped into contracting...never looked back.
If you're gonna work in an environment with no job security and no company loyalty (today's W2 market), you might as well contract and get the bill rate to go along with it.
I mess around with tech/computer projects quite a bit at home, but they are only ever directed at my personal interests or projects I'm working on at home. Any help they give me in my work capacity, is purely accidental and un-intended.
When I walk out of the doors at work and the door hits me on the ass on the way out, I don't give work another thought till I cross that threshold again. They don't pay me for my free time.
I'll spend working hours and any other paid hours for work related education, no problem. But my personal free time, is the most valuable thing I have. And I give the majority of each week to work related hours, so anything outside of work hours, I prize and cling too as highly valuabe as MY time. Time for me, time for my family.
I often reject OT hours and pay in lieu of my personal time. It has to be very much needed, and paid for...again, I don't work for free. If I didn't have to work to earn money for a living, I certainly wouldn't be crossing the threshold of a worksite again, so, why would I give my personal time up so easily?
If youi're taking a snipe at contractors vs govt personnel here on this one, there really isn't much a difference in the loyalty or trustworthiness of the two.
If you're working on something security related, you have to sign the same forms saying you're liable to the same laws and penalties if you divulge secrets, etc.
It isn't like the govt. worker is held to any standards higher than the contractor is, if working on the same system/data.
And a secret clearance background check isn't any more thorough for a govt employee than it is for a contractor, they pretty much use the same exact methods and entities for them.
Didn't they just recently pass laws/regulations pretty much banning unpaid internship for most private businesses???
"Damn...we need shotguns for this shit..."
I keep thinking we need to change that motto to "To collect and serve".
You left out TV networks, like A&E too...
I'm getting sick of CA putting out rules and "standards" that spread to other states that don't want/need them.
That's what I understood, but even so, this part in the synopsis: "...with a Libertarian political agenda in mindâ"to damage states ability to collect tax and monitor their citizens financial transactions," really bothered me.
WFT does the state have any reason whatsoever to monitor my financial transactions.
If you think something illegal is going on with me, get a warrant, but otherwise, just fuck off and leave me alone, eh?
Err....don't the Beatles (and their families) own Apple Corps?
Nope, not in my state.
I think Mr. Obama is a highly talented campaigner, and well, that's about as far on the compliments as I can go at this point in time.
I don't shop at Wally world either.
Well, if you can't afford to raise them properly, don't have them. Condoms are cheap....kids are not.
A stable family trumps a "stable community"....the latter actually being pretty rare in this day in age.
I vote that both are the case.
Well, in that case, kind of a moot point.
If you're "stuck on the fast food treadmill", you've got bigger health problems ahead that no amount of vitamin supplements are going to help with....