How do you decide on an employment offer when one is an independent contractor the other is salary? Both have their perks. Salary is more stable while the other is based on clientele caseloads. Also the contractor position is a year contract. Thoughts?

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I would go with the more stable, secure pay especially since contractors are the first to get let go in a recession

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Contractor positions tend to allow more flexibility. Do you have the financial stability to withstand the ebbs and flows of client participation? Also, are you able to plan financially to save for time off of work and put aside taxes? The salary position is more stable but you're locked in timewise. Sure you're compensated whether or not a client shows but what comes with that? Is your job stability based on maintaining quotas? Will you be required to do other tasks to justify your time? It comes down to what makes more sense with your current lifestyle preferences.

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I completely agree. With contracted positions one of the most important things to consider is that you need to put money aside for taxes each week. Also you need to calculate in the cost of health insurance which usually would be included at a nominal fee for yourself as an individual in a salary position.

My best suggest would to do the following. Do the calculations on what the bi weekly/monthly cost of health insurance and other benefits for the salary position and then calculate the cost of taxes, health insurance and other benefits that you would have to pay for the contracted position. This way you can look and compare these two positions apples to apples.

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It’s too stressful to have to look for a new job every time the contract ends. And what happens if you don’t have something lined up before the contract is up?

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I’ve had many opportunities to be an independent contractor in the past and never took it because I did not want to stress about the taxes and always liked having the option for healthcare benefits if something were to happen to my husband’s job/benefits. My last job was similar to independent contractor in that it was fee for service. If a client did not show I did not get paid. I did this for almost 2 1/2 years. The flexibility was great but for me personally not worth the stress. Being back in a salaried position has been an amazing relief and weight off of me. Best wishes as you make your choice!

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On a salary position you have to measure health insurance and retirement benefits into salary calculation. As contractor you usually have to save for your retirement and health costs so although it may look like a higher pay rate at first glance but it may not be. Salaried folx sometimes get the same rate but it’s not paid directly to employee but paid on behalf of the employee. I also factor in sick and PTO into equation. Currently I actually do both. I am salaried and have small 1099 Job to get the best of both worlds.

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Independent contractors can pay less taxes that’s an advantage good luck

Not necessarily. Hire a good accountant, their are a lot of expenses you can write off as a contractor that you can’t write off as an employee. A good accountant can actually help you lower tax liability by knowing tax law and getting you the perks you deserve. IRS always favors “business owners” more than “employees” and a contract job you are you’re own boss/entity and entitled to a lot of benefits

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Talk with a CPA who knows all about what you do professionally. They can give you a clear picture of which one is more beneficial to your particular situation.

Both have their own pros and cons. But I'd go with the more stable job. Although the contractor position is more flexible, you're not sure if you can find a job right away after the expiration of the 1-year contract.

That is tough. It really depends on what you value the most. I prefer being a contractor.

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