W2 or 1099? Accountants HELP!

[The Nigerian]

Okay, so what's better? W2 or 1099?

Well, this opportunity would have me in the 28% tax bracket if I go W2. I was told I'll get more money as 1099 and I can write off damn near everything. But I get no benefits.

 

[beenz]

the W2 is what you get when you work for a company.

1099 is the form you get when you're an independent contractor or work for dolo.

 

[The Nigerian]

the W2 is what you get when you work for a company.

1099 is the form you get when you're an independent contractor or work for dolo.

I'm working for a company that I was head hunted for. I was given the opportunity to be independent or an employee. Same compensation plan.

 

[beenz]

I'm working for a company that I was head hunted for. I was given the opportunity to be independent or an employee. Same compensation plan.

how can it be the same compensation? an independent contractor implies that you aren't gonna receive benefits.

no medical
no retirement
no dental
no PTO

why would u pick independent over direct hire is beyond me, unless they are willing to double your pay to work independently given u aren't getting any of the benefits I listed.

 

[The Nigerian]

how can it be the same compensation? an independent contractor implies that you aren't gonna receive benefits.

no medical
no retirement
no dental
no PTO

why would u pick independent over direct hire is beyond me, unless they are willing to double your pay to work independently given u aren't getting any of the benefits I listed.

I mean, same comp plan as in same base and same commission structure.

Basically, you pocket more money with 1099 if you do it right. I can write off my auto expenses and my home office with 1099.

I've already been doing mostly 1099 work this year anyway.

 

[ThugLife]

Nigerian out here lying about having a job yall

 

[TL15]

I'm working for a company that I was head hunted for. I was given the opportunity to be independent or an employee. Same compensation plan.

how can it be the same compensation? an independent contractor implies that you aren't gonna receive benefits.

no medical
no retirement
no dental
no PTO

why would u pick independent over direct hire is beyond me, unless they are willing to double your pay to work independently given u aren't getting any of the benefits I listed.

The no benefits is untrue (but I don't know the situation of the OP...companies can offer these to you as part of your compensation but it doesn't sound like it)

I would chose 1099 because you can write off so much more... meals, gas, clothes, etc....if you can afford your own medical and dental go that route

Congrats breh

 

[beenz]

I mean, same comp plan as in same base and same commission structure.

Basically, you pocket more money with 1099 if you do it right. I can write off my auto expenses and my home office with 1099.

I've already been doing mostly 1099 work this year anyway.

so is the company offering any benefits or no?

if not, then go with that 1099.

 

[50CentStan]

w2, get health insurance 401k and all the other stuff. 1099 you gonna hurt during tax time breh.

 

[The Bilingual Gringo]

If you do 1099, you better remember to put away your tax percentage on each paycheck into a savings account or something. They'll hit you w/ a fierce tax bill come tax season.

EDIT: Or you can do a SEP IRA as well to help avoid some of that tax burden

 

[Banned Account12]

Nigerian out here lying about having a job yall

 

[Yesterday]

I mean, same comp plan as in same base and same commission structure.

Basically, you pocket more money with 1099 if you do it right. I can write off my auto expenses and my home office with 1099.

I've already been doing mostly 1099 work this year anyway.

You can write off all that regardless if you itemize your deductions.

As am accountant I still don't understand your situation, but regardless if you qualify as independent then you have to pay your own fica

 

[HookersandIceCream]

Nigerian out here lying about having a job yall

He's had more jobs than Homer Simpson

 

[West Coast Avenger]

1099...

 

[The Nigerian]

Okay, fear is driving me toward W2.