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1099 - would job be worth it?

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  • 1099 - would job be worth it?

    On 6/6/05 3:00 PM, in article [email protected], "DK1000"
    <[email protected]> wrote:
    Hi, I live in Ohio, am 52 years old, getting Social Security Disability payments, and am allowed to do limited work (as long as I don't gross over a certain monthly amount). I just started a part time job, after getting fired from a "regular W2" part time job. The new job will require me to do a 1099 form instead of the W2. My pay will start at $7 an hour. The job will also require a good amount of local driving with my own car. I was told I can deduct either mileage (37.5 cents? 41 cents? a mile) OR save gasoline receipts and deduct that, but not both.
    I would add to what the others have written that $7 per hour as an
    independent contractor is slave wages; I think you're being taken to the
    cleaners. I would consider anything under $15 per hour as an independent
    contractor to be below minimum wage.

    --
    Tom Healy, CPA
    Boulder, CO
    Web: http://www.tomhealycpa.com


  • #2
    Well you have to do the math to figure out if mileage rate or actual cost reimbursement is best, but the options you are presented with are those presented in the federal tax return. You also can itemize non-reimbursed job costs, or you may want to file a schedule for being self employed and that may allow you to deduct more expenses connected to the work.

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