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Posted on 04-04-16 2:55 PM     [Snapshot: 62]     Reply [Subscribe]
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Are you planning to go home soon or retiring here?
If retiring here start taking ss and put money on retirement.

 
Posted on 04-04-16 3:08 PM     [Snapshot: 66]     Reply [Subscribe]
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In short , you are saying work on W2 or 1099 right? I would say work on W2.
 
Posted on 04-04-16 3:23 PM     [Snapshot: 121]     Reply [Subscribe]
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Look at the tax consequence ? You have to file self employed and has to pay self-employment tax if you work as contractor.

 
Posted on 04-04-16 3:39 PM     [Snapshot: 143]     Reply [Subscribe]
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Still w2. I'm talking about employer side contribution for SSA and Medicaid.
 
Posted on 04-04-16 4:33 PM     [Snapshot: 208]     Reply [Subscribe]
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Let's assume you make $80 per hour for 2087 hours. If you take 80% your income before federal and state tax = 80 x 2087 x 80% = $133568
Max. Taxable SSI = 7347 ( completely phases out at $ 118,500)
Medicare = 133,568 x 1.45% = 1937
Income before other taxes = 133568 - 7347 -1937 = 124,284

Now let's say you take 85% (i.e. 1099)
Income = 80 x 2087 x 85% = 141,916
SSI MAX. = 118500 x 14.4% = 14694
Medicare = 141916 x 2.9% = 4115
Income before other taxes = 141916 - 14694 -4115 =
123,107

So, for this assumption, they are pretty close. If you make than this level, it's better to have W-2. If more than this income or like lots of overtime, 1099 will win. However, you have to factor ither stuffs like paid vacation, sick pay, health insurace, etc that comes with employee status.
 


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