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Good job? independant contractor?

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  • #31
    Good job? independant contractor?

    Don't know what work mans comp in Florida is, it's around 14% in NJ.
    Liability insurance $$$ ?
    SS/Med, employee pays 7.5%, employer pays 7.5%, you will pay 15%
    You only get mileage deduction for use during work, not back and forth to work. Tools, boots and other work related deductions you get as an employee, if you pay for them, no change there.
    Good luck. Hope you don't spend lots of money setting up an LLC. Before crunching the real $$$$
    Kevin

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    • #32
      2
      Originally posted by go2building View Post
      Don't know what work mans comp in Florida is, it's around 14% in NJ.
      Liability insurance $$$ ?
      SS/Med, employee pays 7.5%, employer pays 7.5%, you will pay 15%
      You only get mileage deduction for use during work, not back and forth to work. Tools, boots and other work related deductions you get as an employee, if you pay for them, no change there.
      Good luck. Hope you don't spend lots of money setting up an LLC. Before crunching the real $$$$
      Kevin

      my brother has a landscape company. he pays $450 a year for his insurance and has a 1 million dollar coverage. he pays $250 a year for his corperation. not to be confused with LLC. A corperation does not allow anyone to sue you personally, just the company assets. a LLC allows them to come after your personal finances. right now i pay about $150 on every $700 i make on socoal security and federal tax together. thats about 17%. workers comp i still need to look into.

      I was allready offered $17. He knows thats not enough.....I am going to ask for $22, and hopefully I can get at least $20 from him. if not I am walking.
      Last edited by westpoint; 12-14-2012, 08:07 PM.

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      • #33
        My last comment on this. A lot of good advice has been given. Many giving the advice are in business & know what they are saying. Your numbers are not right. If it was so easy everyone would be doing it. You will pay more in taxes by being self-employed which is what you are talking about. Best of luck & please return to let us know how you make out.

        You will have to pay the employers share of ssi also as well as the employee's share. 15.4% total. $150 of $700 is about 21%.
        Last edited by MMW; 12-14-2012, 08:15 PM.

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        • #34
          Good job? independant contractor?

          Good luck. Check your numbers, SS is 15% alone, currently you pay half and your boss pays half. LLC is a corpertion.
          Kevin

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          • #35
            Re: hi

            Originally posted by go2building View Post
            Good luck. Check your numbers, SS is 15% alone, currently you pay half and your boss pays half. LLC is a corpertion.
            Kevin

            are you sure? i was told if i had a llc...limited liability company my personal assets could be taken. but with a corp c or s only my business would be effected?

            also, what is your opinion on what i should ask now that you have a clearer idea of what is expected of me at this company working in a low income state like florida?

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            • #36
              Good job? independant contractor?

              If you opt for s corp you will be taxed as a business and profits will be paid as dividends and taxed again on your personal taxes.
              LLC and C corp are taxed the same way and give the same protection for liability, as long as you keep all business and personal affairs separate and run them as company's

              If the company you are planning on sub contracting for is on the up and up, you should ask to see what they are charging, on an hourly man rate and subtract 30% from that.

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              • #37
                kevin, you have a pm.

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                • #38
                  Originally posted by go2building View Post
                  If you opt for s corp you will be taxed as a business and profits will be paid as dividends and taxed again on your personal taxes.
                  LLC and C corp are taxed the same way and give the same protection for liability....


                  And which in the case of a sole proprietorship, are rather lacking. In either case, it is called the "corporate veil" and is very easily pierced in any legal action where a sole owner or even a very limited partnership is being sued.

                  If you are sued because of your work for this phony-baloney guy, your actual best defense would be to throw yourself at the mercy of the court and portray yourself as a legal bumpkin. Your claim would be that you were in fact not an independent contractor, but were in fact a full-fledged employee of Mr Phony Baloney, and are deserving of the full protections afforded an employee.

                  The truth is the ultimate defense, and this would probably work.

                  Nothing irritates me more than employers trying to skate around protections for employees by classifying everybody as "independent contractors". This is seldom to never the case, they are in fact actually employees, and the dodge is solely for the short-sighted benefit of the employer, at the determent of the employee (independent contractor). This individual is doing you no favor, he is waving a carrot of a little more money for you, while trying to shed SS, UI, WC and liability. He is in fact a sleaze bag.
                  Last edited by Rock knocker; 12-15-2012, 02:53 PM.

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                  • #39
                    If I get a call, I am going to tell him I am not interested in the job unless the hourly rate nearly doubles. I want to make sure I dont put myself in a bad situation. I want to thank everyone for their advice. I would like this job, but its not worth the peanuts he wants to pay with all the liability. Maybe he will change his tune once I tell him I am not interested.....I dont think so though. Sure I am not happy, and am underpaid where I am, but at least for now I have a job, no benefits, but a job. I guess Ill keep looking. Thanks!

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