For my entire career as a contractor, I have worked on a W-2 basis. Recently, I was offered a contractor job, but they will hire me only if I agree to a 1099 basis. As someone who has never dealt with this form of compensation/tax before, what are some things that I need to consider if I accept this job? For example, how much paperwork would I need to fill out for tax purposes (mileage, business lunches, business travel, etc.)? Also, if they do not withhold any taxes from my paycheck, then what percentage of my pay should I set aside for tax season?
Thank you.
2006-08-20
10:14:50
·
12 answers
·
asked by
Anonymous
in
United States