Their half of Medicare and social security taxes is 7.65% of
your salary. 23/25 = 92%. So, your net pay is about the same as it was
before.
It appears, you are coming out about even. However, if you were
deducting any expenses against this income, those deductions will be more
limited as a W-2 employee and the net tax effect will be less take home pay.
I suspect the change is a result of a legal challenge. Somebody (possibly
the IRS or State labor dept.) was complaining about you being classified as a
contractor and not an employee.
