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Discussion

1099 vs standard pay

Hi,

I have been looking at different job sites and have noticed that some are with benefits and some are 1099 positions and the drastic difference in salaries. Can anyone tell me what a $200,000 1099 position really translates to in actual income? (just used this figure because it was a nice round number:idea:)

Thanks in advance!

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Basically, a 1099 means you purchase and pay for your own benefits, such as health insurance, malpractice insurance, retirement benefits, sick time, vacation, etc., from the funds you make as a 1099 contractor. You are self-employed, versus being an employee, in which case the employer may help pay for some of those benefits as part of the "pay package".

Standard rule of thumb says the benefit package for CRNAs equals about 25-30% of base salary.

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I thought you don't pay tax upfront w/ 1099, so have to allot for tax dollars, too? Is there some type of easy calculation to figure out what your actual take home would be compared to a W2 employee as far as the tax...I know other benefits, etc will vary.

  • Experts
I thought you don't pay tax upfront w/ 1099, so have to allot for tax dollars, too? Is there some type of easy calculation to figure out what your actual take home would be compared to a W2 employee as far as the tax...I know other benefits, etc will vary.

If you go to the IRS website and download the "schedule" (form) and instructions for reporting income from an independent business, it will walk you through how to calculate what taxes you owe based on the gross income. Although I've always been a "regular" employee in my nursing positions, I am also a professional musician and receive income reported on a 1099 every year from that, so I'm used to dealing with both types of income when tax time comes around.

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