4 ms·
Assuming you are in the US: You have to pay your end of FICA (the employer portion -- 6-7%) -- so factor that (at least) into your idea of your salary. Also,
by loumf 12y ago
Assuming you are in the US:
You have to pay your end of FICA (the employer portion -- 6-7%) -- so factor that (at least) into your idea of your salary. Also, medical insurance -- since your job is changing, you are eligible to get insurance from the exchanges (I think) -- certainly from an agent.
Taxes aren't being withheld, so you have to file estimated tax every quarter.
What other kind of things do you want to know?
- hacknat 12y agoHealth insurance isn't an issue, my SO provides our benefits. I have to file taxes quarterly?
- loumf 12y agoIf you were getting regular paychecks, your company would withhold taxes and give to the government on your behalf -- on April 15, you true up against those estimates. As a contractor, you get the full amount with no taxes withheld (but you still owe tax). Pick a reasonable number that you think you owe the government and make an estimated tax payment (to your state too, if you live in a state with income tax). It's simple paperwork, not a full tax filing. You can do it online.