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Question for 1099 people or previous 1099....

Zaximus

By Zaximus,
in Huddle Lounge

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Zaximus Veteran

Zaximus

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So I have an interview about a 1099 job tomorrow and I'm really iffy on it. I've never done this, previously I was just an employee (in the IT industry btw). It's a 3-6 month contract with possible extensions. The pay is close to what I was making at my last employee job (which of course this had paid time off, sick days, etc).

I currently have unemployment, I'm on my 2nd extension and could get up to next year on it (but I really want off it). If I take this job, and in 3 months they don't need me, I could get let go and have no chance at unemployment, correct?

I'm really hoping someone here has done this (in the IT industry) cause it may be different than other 1099. I'll probably go to the interview, I mean, why not? Can they promise a certain amount of hours you get per week so I know I'm at least getting full time?

I'm just not sure if having to pay my own taxes, pay more FICA (cause I read the employer would usually pay half those), having no sick days/paid time off, etc. Then I would have to get my own tools, use my car with no reimbursement, and a lot of other things.

Really undecided at this point. If it was a 6-12 month contract instead of a 3-6 month I'd definitely feel better.

Should I make sure I get paid at least more than I was making at my last job?

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mmmbeans Newbie

mmmbeans

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I've done it before (in IT). You should definitely get paid more (about 30% more) than your last job.

This. As a contractor you should be getting paid significantly more.

Paying FICA sucks but keep ALL your receipts, as a contractor you can write off everything. Keep your books in order.

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CLTPanther Contributor

CLTPanther

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If you are going to 1099, you should get at least 20% more, but should be closer to 25%. The reason is you are taking all the risk. Also, do a credit check on the company as you are at their mercy to be paid. Unlike a W2 who gets paid on a timely basis, 1099ers get paid whenever the company feels like it. I 1099ed with a manufacturing firm for a year and I hated it. The MFers would pay their bills 3 months behind like clockwork and I had to suffer waiting to get paid.

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charlotte49er Newbie

charlotte49er

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If you are going to 1099, you should get at least 20% more, but should be closer to 25%. The reason is you are taking all the risk. Also, do a credit check on the company as you are at their mercy to be paid. Unlike a W2 who gets paid on a timely basis, 1099ers get paid whenever the company feels like it. I 1099ed with a manufacturing firm for a year and I hated it. The MFers would pay their bills 3 months behind like clockwork and I had to suffer waiting to get paid.

Not only that, but you are resposible for the state and federal taxes. So you have to put money away what a company would normally take out to cover that. When I was in real estate it was hard to put away that 25-30% for taxes and not touch it! On top of that, you have to pay for your own health care.

I hated being a 1099er.

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