Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 12-30-2014, 06:51 PM
Junior Member
 
Join Date: Dec 2014
Posts: 2
Small part time IC gig worth it?

I'm living in Delaware, single, with a small mortgaged home, and have been through since drastic employment changes in 2014.

I'm now only making 31k at a full time job and have been working a small part time job only 1 day a week. I only take home around $250 a month at this second job as an employee.

I was just advised that the small part time job is moving all people doing my job to Independent Contractors. I understand this means I will have to pay a higher tax rate on the small amount of pay I get there.

Will this increase only apply to the income from the small second job? Or will it bleed over to my main full time employment?

Also, do I really have to pay quarterly taxes on the $250-$300 a month?

Any insight would be helpful! I enjoy the second job but if it's going to negatively affect my finances, I'll be forced to reassess. I'm limping along at less than half my usual income until I find better full time options.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Working as IC and part-time employee... HMN080812 Estimated Taxes 1 09-10-2012 02:06 AM
As part of the "Small Business Jobs Act of 2010 Tax Provisions, IRS allows increase in amount allowed as deduction for start-up expenditures in 2010. TaxGuru General 0 01-31-2011 07:56 PM
As part of the "Small Business Jobs Act of 2010 Tax Provisions, IRS allows Temporary exclusion of 100% of gain on certain small business stock. TaxGuru General 0 01-31-2011 06:14 PM
Operate part time LLC and receive unemployment? LLCStartUpGuy Limited Liability Company 0 11-17-2009 01:06 AM
Will a Taxpayer qualify for 1st Time HomeBuyer credit if part of the home is rented? TaxGuru Homeowner Tax 0 02-13-2009 11:42 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.