I'm being offered a job that is 24 miles away from home. He says he doesn't pay taxes he just gives a 1099 at the end of the year. I do in home care. I need to know if taking this job would be beneficial to me. I don't know how to figure out how much taxes Ill be paying.
I also don't know if I'm considered an Independent Contractor, self-employed, sole proprietor or what? I'm so confused.
So he's offering $12 an hour 5 days a week 7 hours a day. My only deduction would be my mileage.
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With this job, you will be all of the above-Independent Contractor, self-employed, sole proprietor.
You will need to set aside a maximum of 15% for self employment taxes-the W-2 equivalent of Social Security and Medicare withholding taxes.
Add another 10% for income tax and you should be well covered by the end of the tax year.
You will need to make estimated tax payments to the IRS at certain intervals during the year.
For guidance see How do I make estimated tax payments?
https://ttlc.intuit.com/questions/1900481-how-do-i-make-estimated-tax-payments
With this job, you will be all of the above-Independent Contractor, self-employed, sole proprietor.
You will need to set aside a maximum of 15% for self employment taxes-the W-2 equivalent of Social Security and Medicare withholding taxes.
Add another 10% for income tax and you should be well covered by the end of the tax year.
You will need to make estimated tax payments to the IRS at certain intervals during the year.
For guidance see How do I make estimated tax payments?
https://ttlc.intuit.com/questions/1900481-how-do-i-make-estimated-tax-payments
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