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I got offered a job that uses a 1099 form, never had a job like that. It's a full-time delivery job. I will get $600-$750 a week for it. Of course I have to pay my own mileage, insurances, and I have to do taxes differently.
I currently work a W2 job at $11 per hour and I get about $550 bi-weekly, but that's after taxes and my health insurance comes out.
I read about the differences between the W2 and 1099, but I don't have a clue as to how taxes are done for a 1099, and I don't know how much of my money will need to go towards taxes. Basically, all things considered, is the 1099 job going to pay me a lot more in the end?
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1099 is so an employer can put the tax costs on you. It's also illegal to be 1099 if you are full time. Just imagine a few thousand out of your paycheck gone when tax time comes.
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>>18058874
To be more clear take about 20% of every pay check and that is the minimum you have to pay. You will also have to start keeping track of expenses like miles driven for work and money spent on work materials. That will help a bit but really it's chunk change.
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>>18058591
You owe the IRS about $4k when you do taxes.
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Thank you guys for the input.
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