{ "media_type": "text", "post_content": "Got an offer for a contract role that will pay me an hourly rate, I would be making close to 70k more then what I am making currently right now as an salaried employee at Deloitte Are contract roles worth it, the money seems great but kind of worried about the insecurity being a contracted employee. I will get no benefits, besides a little PTO that I negotiate for. Should I make the jump, I would be a W2 employee", "post_id": "61ea34f496d196003742b5ff", "reply_count": 24, "vote_count": 3, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }

Got an offer for a contract role that will pay me an hourly rate, I would be making close to 70k more then what I am making currently right now as an salaried employee at Deloitte Are contract roles worth it, the money seems great but kind of worried about the insecurity being a contracted employee. I will get no benefits, besides a little PTO that I negotiate for. Should I make the jump, I would be a W2 employee

like
Posting as :
works at
You are currently posting as works at

Is that factoring in insurance, healthcare, and taxes?

like

No benefits and that 70k increase was without taxes

You'll pay twice as much for SS and Medicare. You'll lose all PTO and holidays. And have to pay for health insurance. How much does that cost you?

like

Social security!

like

There is only one advantage if you can create a sole proprietorship you can defer up to 56k in to a solo 401k tax free. My wife uses this for her private practice.

like

If you like to be your own boss and work at your terms, it may be worth it. There are a few cons which others have highlighted. On the benefits, you get to chose your work, work for short term contracts and decide to take a break in between projects. If you set up an S Corp, you can get seek some tax benefits e.g home office, car purchase and a few other aspects which you can consider as an expense. Atleast you don’t have to deal with some b**s**t that consultants have to go thru. Initially income can be low. Later on as you establish yourself, you can choose your projects and command a higher rate. I know quite a few people who went independent and aren’t looking back.

like

What will you be doing in this new role? What industry? Those are sometimes indicators on how long a contract role can last for.

Consider if you will be a 1099 then additional tax you will have to pay, and your own insurance, PTO, etc… me making the math of let’s say going from 100k to 170k… it’s not worth it if it was me.

Got it, I believe I would be a W2 employee

Don’t only look at the salary with rate increase. Also account for health insurance, PTOs, retirement plan, 401k match, health&prod subsidy and a phone if u use D phone as personal. If you are still in 70k positive after accounting for all this, go for it!! Other factor to weigh in is the duration of the contracting position. Is it long term and do u have a runway for a few years. If not, you will be switching projects and contractors don’t make money when they are between projects. at D, you can be on bench for a little while. Every place is insecure- D will also lay you off if business goes bad or u stay on bench for more than 2-3 months.

If on h1, do not go for it. Its a painful situation when you are between two projects.

Get a 1099 instead of we. You can deduct all expenses, 401k, etc and pay taxes on the remaining

I’m thinking of doing this it would be an hourly rate and if I worked 2,000 hours I’d make 120k more than my current job. But I’m allowed to take as much vacation and time off as I want. So I could work 6-9 months a year if I wanted. No health benefits though. Tough call but I kinda wanna do it lol

It’d prob be a short time thing while I figured out a real exit out of consulting though

Related Posts

Why is being a mom and working in healthcare so difficult? I always feel like I am failing.

like

Negotiating a new offer, they can’t meet my salary requirement and they already have unlimited PTO. Is it possible to negotiate a shortened vesting period for retirement benefits? I lost $15k from my previous company match because I left before 3 years. Appreciate any advice on that or other benefits I should consider.

like

Hey EY - what’s the reimbursement for filing taxes. Will they reimburse costs for filing with Turbo Tax?

like

I may have seen something similar recently about a mom feeling "rusty" after coming back from maternity leave. It's been difficult for me to get back into a groove. My daughter is 2 now and I've contd

like

I'm starting a religion and am taking suggestion for afterlife benefits. Currently on the list is: Everyone gets a golf cart, Toe nails stay at an appropriate length, and free refills.

likefunny

Anyone with experience getting a job while 6months pregnant? How did it work out? Did you disclose right away? What was it like going on maternity leave few months into a new job?. TIA

like

Asking for a friend- my friend delivered a baby via c-section. Her husband joined a new company a few months back and so isn’t eligible for the paternity leave and just has a week of PTO. Would he be eligible for FMLA or some other kind of leave? Whom should he reach out in his company to get info on this?

like

I often see the posts about how toxic Desi parents are .I wana say that Desi kids are quite toxic as well . They don’t want parents to interfere in their life until the kids don’t need them . a lot of them call their parents to take care of babies instead of paying for nanny, most folks don’t even take proper health insurance when the parents visit , book cheap flights that has multiple stops or long transit time, worst of all - there is no gratitude towards the parents…

like

My agency decided we need to be in the office twice a week so we can “bond” and “collaborate” more. I’m going on maternity leave soon but after that, I’m not coming back. Is this extreme or even stupid?

like

Moving cities in a year, but feeling stuck at current job - do I take a new position somewhere else knowing it's short term or stick with it at current gig and ride out the benefits I've racked up?

like

Opinions on going from agency to in-house? 1.5 years into my first job and might have a good opportunity. I am open to just working in-house but have no experience. I heard its better pay and benefits

like

How long does it take to receive the h1b extension approval ? Can I be on paid maternity leave while they file my extension ? Thanks all !

I have Obamacare health insurance, and now my employer is offering health benefits and it’s $70 cheaper. What if I leave to freelance elsewhere? Can i get my old insurance back? Is it a pain?

do we typically get per Diem for local client travel?

like

Hi folks can someone tell me what therapy costs. It’s clearly an extra expense outside of health insurance

like

Do you work in healthcare? What’s the best book you’ve ever read on healthcare marketing? Why?

likehelpful

Tips for negotiating an offer. This is my first time. Started at D right after undergrad and been with the firm for about 3 years. Leaving for a private boutique firm. I’m currently assessing the benefits and making a list. Anything else to keep in mind and what is the best way to go about communicating a counter offer?

like

Hi there - at your firm, if you have to be employed for a minimum amount of time before you’re eligible for maternity leave, for example - 1 year, does that mean you do not get maternity leave (beyond the required by law short-term disability) if you have your baby within the first year of employment? Or can you take maternity leave days after your first anniversary, even if your baby is already a few months old? TIA!

like

CBS or Haas post-mba goal is MBB/Healthcare

like

Additional Posts

Ahh it is posting but into middle of feed as opposed to top.

like

Linda fjfhfjf djjfjd djjfjd djjfjd djdjdjjd djdjjdjdjdj djdjd. Fend id didn't dish hen djdjdjjd did dishes djdjd djdjdjjd dj djdjd s djdjjdjdjjdjdjdndh do djdjjdjdjjdjdjdndh djdjdjjd djdjjdjdjdj djjjd

like
like

My male consultant friends : recommendations for beard trimmer?

like

Has anyone gotten a PT MBA and just cruised through the classes?

like

After 3 days of no sleep to finish final deliverables culminates in a team dinner with a 4-figure bill. #ribeyes&macallan

like

When ever post starts with "when"

like

Deloitters - when do bonuses/raises hit? All I can find is that promotions are effective in August but I thought it didn't hit until Sept. last year

like

Forcing myself to go to the gym after getting home from a long flight is the most difficult thing ever.

like

About to take a nap. Who's with me?

like

Mink seats bucket...suede on tha roof...touch one button and tha mf moves

like

Is it possible to work out of Seattle offices (MBB) if you live in Portland, OR/Vancouver, WA area?

like

Who does your taxes? Do you use a CPA or one of those turbo tax filing?

like

Frowned upon to eat on AM flights? I have a leftover vindaloo that I’m thinking of cracking once I board.

like

People diagnosed with ADHD that take meds: do you take weekends off? Why or why not?

like

Why do I feel that 3/4th of the Leads (SM, Partner, MD et al) are all show offs without any real substance?

like

Is the only way to get into Kearney as an experienced hire BA through referral?

like

Walked past the hotel front tonight and the woman working said "welcome home" 🙅🏼😭

like

I've read a lot on blockchain but still don't have my head wrapped around it. Can anyone explain it a bit more or suggest a good article?

like

Supporting an RFP where partners / directors sent past pitches to use as a basis. Some of the quality is questionable to the point i wonder how we ever win work...

likefunny

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

For account settings, visit Fishbowl on Desktop Browser or

General

Legal