IC has its pro's and con's
Posted By: Employee preferred on 2006-05-13
In Reply to: Independent contractor - Alwaysbeenanemployee
As an IC you do have to pay all your taxes, including both sides of the SocSec. You also file quartery taxes, as well. The up side is you can take a bunch of deductions such as all of your health insurance, but do not look for benefits. Your hours are set by you, but the TAT is still set by the company you work for. I have tried both and am presently an employee, which I like much better. I can still take my home office decuductions, have flexible hours thanks to a very fair boss, and enjoy benefits although not much help with health insurance.
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