W2 to 1099 conversion

["Sherry Michaels" <sherry -dot- michaels -at- docntrain -dot- com>]

Tony Markos wrote:
> To all:
> 
> Can anyone give me a "rule of thumb" for coverting a
> W2 hourly rate to an equivalent 1099 hourly rate?  
> 
> This is for a local TW contract job that I am considering, so there 
> are no per diem considerations (if that makes any difference).
> 
> Thanks,
> 
> Tony Markos

Tony -

 

You will need to factor in pay for vacation, sick pay, insurance and other
benefits, E&O insurance if you choose to have it, any equipment costs and so
forth. Basically, divide 2000 hours into your annual salary and add the
costs (if you know them) of what your benefits, heat, light and sound would
be. I'd also consult a tax specialist, because you'll need to handle a 15%
self employment tax, and any other rules and regulations in your area.
Another way would be to research it using a number of books, including Doug
Florzak's "Successful Independent Consulting."

 

Good luck.


Sherry
Sherry Michaels
Michaels & Associates, LLC
11639 E. Wethersfield Rd.
Scottsdale, AZ 85259
480-614-8440 Local
877-614-8440 Toll free
480-614-2775 FAX
www.docntrain.com


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