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Originally Posted by Mike80911
I have been working 1099 for years. If you think the SS tax you pay when on a company payroll is high wait until you go 1099. I have to pay the tax part as an employer and employee so it really adds up. The other problem is overtime because I am technically my own company I do not get extra pay for overtime. Those are 2 points you might want to discuss overtime and SS Tax. Maybe they are willing to contribute thier part of the tax. If your wife works and pays taxes that helps but if she dosen't you will be hit even harder. You will be able to write off a lot more things working that way though. Talk to your accountant also because when you do work 1099 you need to pay taxes on a quarterly basis and not just the end of the year.
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Excellent post. Matt, the quarterly tax burden is key and often not well understood.
Most 1099 folks I know are incorporated in some fashion or are attached to a parent organizer who handles multiple 1099's and charges a small fee to handle administrative issues, withholding, etc. But this is DC so 1099 folks are very common. You also have a wife who i an accountant!