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On 1099 income you pay 15.3% self-employment tax but on W-2 income you
pay half that in Social Security and Medicare (your employer picks up
the other half). So 1099 rates only have to be 8% higher to make up
the difference.
Also, you pay SE tax only on net income. If you have expenses, that
lowers the tax. Can't do that with W-2. So even the same rate on 1099
could lead to a lower tax bill.
On Tue, Dec 22, 2009 at 3:25 PM, Keith Hood <klhra -at- yahoo -dot- com> wrote:
> Generally I won't touch a 1099 job unless the pay rate is at least 15% higher than the W2 rate. The self-employment taxes can really eat your lunch come April.
>
>
> --- On Tue, 12/22/09, Robert Lauriston <robert -at- lauriston -dot- com> wrote:
>
>> From: Robert Lauriston <robert -at- lauriston -dot- com>
>> Subject: Re: job market Q4 2009
>> To: techwr-l -at- lists -dot- techwr-l -dot- com
>> Date: Tuesday, December 22, 2009, 1:56 PM
>> 1099 contracts, yeah, the pay can be
>> great. W-2 through an agency,
>> after they take their cut, not so great.
>>
>
>
>
>
>
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