Currently, I am paid by the hour, lets say $10/hour. If I work 80 hours, the total is $800, before tax and deduction, which includes federal tax, Medicare, social sec tax (No state tax in Florida).
For example: 800 – 80 (fed) – 8 (med) – 48 (social) = take home of $664
Now, lets say I was offer $10/hour as a 1099. How would the numbers work out?
Would my take home be $800 and pay the same amount ($136) of tax at the end of year? Is this correct? Did I miss any thing?
2007-03-23
17:25:43
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7 answers
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asked by
cli168
3