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Discussion

W2 vs 1099

excuse my ignorance. when looking at job postings, what is the difference when a job lists a 1099 or W2. i know it deals with taxes, but what does it exactly mean. im sure there can be an argument for which is "better". however, what do each mean and what are the differences between the two? thanks!

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When you get a 1099, it usually means that you are working as an independant contractor and you take responsibility for your own taxes.

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When you get a 1099, it usually means that you are working as an independant contractor and you take responsibility for your own taxes.

This is true, but it also means that there are things you can deduct from your gross income as an independent contractor that you can't as an employee. I'm a professional musician in addition to being a nurse, and have always been paid as an independent contractor (income reported on a 1099 rather than a W-2) for my church organist positions, so I have experience with both. Whether you would be better off (financially) as an independent contractor or an employee would depend on lots of different variables.

talk with your cpa about this. i know when i had a personal care home i got hit at the end of the year with a self employment tax, on top of the regular income taxes. the next year i started up an llc (limity liability company) and saved myself the rather large self-employment taxes (15% i think). also, when you work for a hospital or group (w-2) they withhold taxes on you and have to match the social security and medicare taxes. on a 1099 you will have to match them yourself. look at one of your old check stubs and you'll see your social security with holding and medicare withholdings. then you would have to match each one and send it in to the government for the privilage of working for yourself. speak with a cpa before you start, alot of high paid self-employeed people have to pay estimated taxes, pretty rediculous but it will save you alot of head aches in the end. especially the self-employment taxes (1099), a simple llc cost me $500 bucks and saved me over $5000.00 at the end of the year. a crna salary would be a great deal more than mine was.

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