If you had The Option at Your Job, Would you ever OPT for a 1099 Form Instead of Payroll Taking out your Taxes?

[Paris13]

It seems Very Popular Since COVID and People Working still At Home. You, In Essence,

Are your Own Contractor responsible for All taxes, etc. Would this Be For You? xx

[OddBeMe]

As a business owner I would say DO NOT. I am supposed to save my taxes to send in year around to the IRS and never do. It’s tough, I imagine that’s why social security is needed. No one saves enough.

Also, contractors have to pay double the social security tax. Right now FICA takes 6% from your paycheck. I’m supposed to pay 12%.

[Paris13]

Wow. xx

[OddBeMe]

Unless you have a dream of doing your favorite job. But if your good job allows you w2 status fckin stay on it. Lol

[Sparkie460]

No it's better to have taxes taken out weekly so you don't get hit with a big tax bill at the end of the year.

[Paris13]

Tis Easier as Well. xx

[Sparkie460]

Depending on how you have it set up at your job you probably get money back at the end of the year. I'm self employed and I pay quarterly now because the big payment at the end hurt badly

[exitseven]

Bu he government getst o play with your money for a whole year. I always have to write a big check at the end of the year. I figure if I get hit by a bus it'd better if the government doesn't have my money.

[Sparkie460]

If you got hit by a bus and killed, you wouldn't have to write the check but someone will

[exitseven]

No. everyone knows that i would like to stick it to the government as a last act of defiance.

[Sparkie460]

Yes I know. Me too. They fuck me raw without lube every quarter. I'm learning to get creative with my income now

[exitseven]

There is an old saying "Every dollar you earn for yourself is worth two dollars that you earn for somebody else.

[exitseven]

@sparkie460 If people got hit with a big tax bill every April maybe they would get angre at how much money the government wastes. Having it taken out of your pay eveyy week so you don't miss it and if you get a refund you think you actually won the lottery or something was a brilliant idea by the feds.

[Sparkie460]

In 2017, 18 and 19 I had to pay in over 17000.00 in taxes each year just to the state. The average tax payer would not be able to pay that in a lump sum.

[exitseven]

Thats what you get for living in New York. It is almost as bad here however.

[Sparkie460]

Thanks for the sympathy bro. Lol.

[Sparkie460]

Thanks for the mho

[OlderAndWiser]

I have been an independent contractor and I very much prefer someone else takin care of those details.

[Paris13]

I am Sure You are Your Own Accountant, sir. xx

[Leapfrog00]

I used to work as a business consultant, and a lot of our customers filled out a 1099 form. Some of them struggled because of all the extra charges it costs to run a business, like the charges through merchant services. One guy told me one time that Discover charged him a $50 fee to run a Discover card.
Of course, merchant banks do credit checks, so that may have had something to do with his credit. I guess if I had a good account to keep track, lol

[Paris13]

lol My Cousin is in Mental Health Work and Works from Home. Crazy. lolxx

[AimeeKyle]

I have done both independently and simultaneously (working for different companies). They both have pluses and minuses. Getting a 1099 can give you a significant number of write offs that you couldn’t take otherwise while direct employment would appear to give you more security with less personal responsibility.

[Paris13]

I agree. xx

[Pudsmucker]

I like the 1099 I don't have to fuss with the w2's. I have been using the 1099 for at least three years. That forces me to pay the taxes what is needed and I'm not overpaying and I'm not underpaying. A lot of employers take out too much or not enough.

[Paris13]

Yes, One Can Fudge It. lolxx

[Pudsmucker]

Sometimes the government likes to audit people. I have been audited because of taxes but because my records were so accurate I wasn't fined but I had to pay a penalty. Thanks to the great work of an excellent bookkeeper.

[LiamJHayden]

Might be better for the person, but businesses that allow this need to be exceedingly careful. The IRS has specific guidelines for who qualifies as a 1099 contractor and some states, like California with AB5, are far, far stricter. If the employer misclassifies people who are supposed to be employees as contractors, the fines alone could put him / her out of business.

[LiamJHayden]

Anyway, I am the owner of my business and I follow the stricter California guidelines meticulously.

[Paris13]

I am Sure. xx

[exitseven]

Yes. once I got to a certain age I would stop paying txes and by the time the IRS showed up I would be dead.

[Paris13]

Yikes!!! xx

[TrueConfection]

No, it sucks. When you're an independent contractor (self employed) you have to do your taxes quarterly.

[Paris13]

I Know. I am Still in Biz in my Family Bix. xx

[Massageman]

Of course. But not if I had to give up my med plan. Many things are deductible with your own business. There are - however- even some deductible "business-required" expenses if you are on W2's and not 1099's.

[Paris13]

Cousin is Working from Home with her job and Doing this Now. Hope it Works out. xx

[midnightmoon05]

Things have been working well for us, working for the govt is awesome!!! 😉😉

They take care of all the paper work so to speak.

[Paris13]

Great!!! xx

[Avicenna]

In general, you don't want to do that if you have the choice. And you didn't say anything about health insurance and other benefits.

[Paris13]

A Given It IS NOT----Included. lolxx

[Sevenpointfive]

no. it costs too much for someone on a low income to pay for a service that doesn't apply to them. - every woman ever

[Paris13]

Okay then. xx

[msc545]

Oh hell yes. I only work with a contracotr arrangement. In California, the combined tax rate federal and STATE and CITY and COUNTY is 50%. No W2 crap for me.

[Paris13]

Great!!! xx

[Likes2drive]

I’ve done both and it’s better them doing it and withholding it so I don’t have to figure out how much to put aside for it when it’s time to pay

[Paris13]

I Agree, Big Guy. xx

[worldscolide]

No, mostly because i dont want to deal with figuring that out every year.

[Paris13]

Or Quarterly. xx

[worldscolide]

Right!!

[najekim]

Was a contract engineer for many years. Less headaches being on the payroll.

[Paris13]

Beautiful. xx

[Pterodon]

No I want it payroll deducted. I’m not that responsible or good at math

[Paris13]

Married? lol!!! xx

[Pterodon]

No I’m not

[Paris13]

Message Me. lol!!! xx

[Paris13]

I was Lousy Too in Math. lolxx

[Pterodon]

I messaged you

[DizzyDesii]

I prefer the w2

[Paris13]

I do Myself, girl. xx

[SunnyLi]

I don't know probably not

[Paris13]

Welcome to Gag Town and Best of Luck. xx

[humanearth]

I already do for the farm business

[Paris13]

My Grandparents Had a Farm when Alive. xx

[humanearth]

I remember you telling me that

[RealMarek]

If you do this you must pay over 15% fica tax

[Paris13]

Yikes. xx

[RealMarek]

You also have to get insurance yourself. My point is you can do this, but you need to charge more.

[KrakenAttackin]

10-99's are a royal pain in the ass.

[Paris13]

I agree. xx

[Jamie05rhs]

Possibly.

[Paris13]

Okay then. xx

[Kelly6]

Yes.

[Paris13]

My Cousin is Doing it Now. xx

[Kelly6]

But is is possible in USA?

[Paris13]

It Is. xx

[Legendarylegacy13]

So they wouldn't take taxes out of your check?

[CassandraSpender]

No taxes? Heck yeah