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So I was recently getting paid by my employer as a 1099 independent contractor, but her accountant recommended that she has to pay me as an employee with a W2. As a 1099 I would have been able to make a lot of deductions, and I think my take home would have been more. Any bruhs familiar with this and can give my guidance on how this will affect my net take home ?
Just to break down specifics, i get 12500 a month gross and an annual bonus of approximately 20k. Comes out to 150k a year plus 20k or so in bonus so about 170k total.
As a 1099 I receive that lump sum and I gotta pay my own taxes but I could make a lot of business expenses.
As a W2 my employer will withhold my taxes and I could no longer make any deductions.
Will my net take home after taxes be significantly less? Any advice or thoughts
Just to break down specifics, i get 12500 a month gross and an annual bonus of approximately 20k. Comes out to 150k a year plus 20k or so in bonus so about 170k total.
As a 1099 I receive that lump sum and I gotta pay my own taxes but I could make a lot of business expenses.
As a W2 my employer will withhold my taxes and I could no longer make any deductions.
Will my net take home after taxes be significantly less? Any advice or thoughts
