Published Mar 31, 2017
bbcewalters, NP
178 Posts
Looking for information about this for a potential job. I would essentially be contracted by a company to work at another facility. The pay and bonus structure is awesome and the current NPs LOVE it. My question is tax implications and health insurance. I would receive an additional monthly stipend for health insurance and a stipend for an accountant, but I have never been paid like this... I have read some information in Buppert's book Business Practice and Legal Guide, but would love some tips from someone in the know....
Thanks
offlabel
1,645 Posts
You need to manage your own SSI, income taxes (quarterly is what most folks do), retirement, and as you mentioned, medical/dental.
Just talk to a CPA and make sure you're netting at least what you would going W-2 after all the slices are made. Just because it's a big fat check doesn't mean it's a good deal. I knew a couple of folks that got hosed before they figured that out.
xenogenetic
272 Posts
Have to pencil out the numbers. Many times the reason employers offer the 1099 route is because it's in their favor, financially, instead of yours. If it is a 1099 setup then be sure hold them, as much as you can, up to the tax rule that the independent contractor dictates the hours and not the employer. Being able to make your own hours should be one of the perks of a 1099 job that you should not overlook.
Absolutely a possibility, but not a fix on determining hours. Depends on the specialty, subspecialty. Good point, nonetheless.