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Independent Contractors
Posted: Jan 16, 2013
I am seeking full time medical transcription work. I have been offered a position as an independent contractor and have never worked in this capacity before. What are the pros/cons of working this way. I live in Ohio and wondered about taxes. Any info would be appreciated.;
You pay - higher
[ In Reply To ..]social security, 15% instead of 7.5% with company paying the rest. You get home deductions, but you do with working at home as an employee too. You have no unemployment or worker's comp. No PT time or anything like that. If they make you work certain hours, you are not IC. They should give you a turn around time and that is it, no scheduled hours, though many of them are pulling that crap.
All of this is true - have to switch your mindset
[ In Reply To ..]to be an IC. For me, the best part about being an IC is the flexibility. I have a 24-hr. turnaround time. The clinics don't care when I do the work as long as I return it by the deadline. It's worked for me for 30+ years.
IC work - anon
[ In Reply To ..]On the plus side, you can get quite a few small home business tax write-offs when you file your taxes.
As far as scheduled hours... - Maggie May
[ In Reply To ..]it depends on your agreement when you are hired. A company can offer an IC a job working certain hours that they need coverage. IF THE IC ACCEPTS THE JOB, they are agreeing to those hours, and are still an IC and not an employee. Being an IC doesn't always mean you can work whenever you feel like it. It depends on what you agree on.
You also get hit with high self-employment tax - NM
[ In Reply To ..]x
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