If someone is married but their children are grown, would anyone here recommend working locum tenen if the person doesnt mind traveling? I have saw what most locum tenens get paid and it seems to me that a person could work 4-6 months out of the yr. and make about the same or more than they could at a permanent position. Is this correct? Any input would be greatly appreciated.
May 10, '02
I moonlight as an independant contractor and the taxes You have to pay really sting. When paid as an indep. contr. they take out zero taxes: You pay federal income tax, the full 15% social security tax, any state income tax(if you work in more than one state, you really get the shaft). You do get some tax breaks-You can put approx 13% off the top into a SEP( similar to IRA). Also, you will have no benefits-health insurance, disability, etc...
If you do this, be sure to put a full 50% of your checks in the bank to pay taxes
May 11, '02
What about Workers Comp.? Or is that only if you have other employees. I am sure the regulations vary with the state you are registered in.
Did you register as an LLC (limited liability corp.)?
Thank you for your input.
May 11, '02
You will not be covered under workers comp. It would not be a bad idea to incorporate yourself. It gives you some additional tax breaks and helps in the case of a lawsuit. I have not done so because it will cost you about $1000 in legal fees and I do not moonlight enough to need the big tax break.
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