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. |