A recruiter contacted me recently about a contract position with a big company paying about $125 an hour, but it's a 1099 position. It's not a definite thing and I haven't spoken to the actual company about the position yet, but I was thinking about all the tax implications that come along with it. Also another thing is no benefits. The position could lead into full time hire according to the recruiter, but the idea of dealing with all the tax, social security, and medicare stuff is intimidating. The pay rate is significantly more than I make now, but it comes with the risk of possibly not having a job after the 12-18 month contract is up as well as dealing with all of the tax stuff. Anyone take a contract position like this? If so - was it worth it?
1099 Contract Positions
- Thread starter BiggerStronger
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Yeah if it's like they are sub contracting out to you and you are ur own business responsible for ur own taxes and medical insurance ect... If that's what u mean then yeah I use to have insurance companies contract me out as an insurance fraud investigator and the worse part us at end if year when you realize you didn't put 30% aside for taxes lol
The checks are killer every week but I always was fucked at end of year
The checks are killer every week but I always was fucked at end of year
Yeah I definitely worry about this sort of thing. I think I would set aside the money, but what if I somehow screw up when planning it all out. lol.
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