[Show all top banners]

magorkhe1
Replies to this thread:

More by magorkhe1
What people are reading
Subscribers
Subscribers
[Total Subscribers 3]

ramromanchey

logan

mno
:: Subscribe
Back to: Kurakani General Refresh page to view new replies
 Billing Rate
[VIEWED 4535 TIMES]
SAVE! for ease of future access.
Posted on 04-04-16 2:55 PM     [Snapshot: 62]     Reply [Subscribe]
Login in to Rate this Post:     0       ?    
 

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]
Login in to Rate this Post:     0       ?    
 

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]
Login in to Rate this Post:     0       ?    
 

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]
Login in to Rate this Post:     0       ?    
 

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]
Login in to Rate this Post:     0       ?    
 

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.
 


Please Log in! to be able to reply! If you don't have a login, please register here.

YOU CAN ALSO



IN ORDER TO POST!




Within last 30 days
Recommended Popular Threads Controvertial Threads
TPS Re-registration case still pending ..
and it begins - on Day 1 Trump will begin operations to deport millions of undocumented immigrants
I hope all the fake Nepali refugee get deported
To Sajha admin
All the Qatar ailines from Nepal canceled to USA
MAGA मार्का कुरा पढेर दिमाग नखपाउनुस !
Travel Document for TPS (approved)
MAGA and all how do you feel about Trumps cabinet pick?
Those who are in TPS, what’s your backup plan?
NOTE: The opinions here represent the opinions of the individual posters, and not of Sajha.com. It is not possible for sajha.com to monitor all the postings, since sajha.com merely seeks to provide a cyber location for discussing ideas and concerns related to Nepal and the Nepalis. Please send an email to admin@sajha.com using a valid email address if you want any posting to be considered for deletion. Your request will be handled on a one to one basis. Sajha.com is a service please don't abuse it. - Thanks.

Sajha.com Privacy Policy

Like us in Facebook!

↑ Back to Top
free counters