3 ms·
For the non-US, could somebody please explain what W2 and 1099 are?
by gioele 12y ago
For the non-US, could somebody please explain what W2 and 1099 are?
- Guvante 12y agoW2 means an employee, from a wage standpoint it means your employer must pay for half your social security and medicaid. 1099 means a contractor, which means you are responsible for those. There are many other differences, but usually when talking about wage the 7.5% is the big one.
- company 12y agow2 = waged.. the employer withholds tax and also pays half of some taxes that you need to pay 1099 = independent contractor.. you get the full amount but you pay taxes end of the year
- lastofus 12y ago1099 = 15% more in taxes you have to pay on the revenue you earn from that income source