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Old 07-17-2009, 08:55 AM   #13 (permalink)
ratbastid
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If you get a 1099, you're responsible for your own self-employment taxes IN ADDITION to the "employee" portion of the income tax, which is a BIG lot of money. We're talking about probably another 20-30% of your gross here. If that isn't figured into your salary, then you're getting hosed. And if you're not putting that much aside from each paycheck, you're hosing yourself.

If you get a W-2, they're paying those taxes for you, and you are only on the hook for your own portion of your income taxes.
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