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I’m interviewing for final round of the entry level area manager position at Amazon. I’m working on multiple stories related to the leadership principles. Can anyone provide me some tips regarding the role?
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You do not need an LLC to deduct your expenses, as a contractor you’d file on schedule C where you can take the deductions. Your LLC benefit is the legal protection, and assuming you are the sole owner of said LLC youd still file on schedule C as a SMLLC. You are subject to both side of SS/Medicare taxes + income taxes, but are able to deduct employer side of SS/Medicare taxes (50% roughly) . You’d report your deductions on schedule C, use form 8829 to deduct your home office expenses.
Edit: also note if you create an LLC, I believe yoy would be subject to the TX Franchise tax which is essentially a GR tax, tho I’m not very familiar with it but know that sole proprietorships are exempt, not SMLLCs.
This ^
Rising Star
Don’t forget that you have to pay the full FICA amount (15.3%).
Pro
IDK about min wage but my dad is a truck driver and has an s-Corp and pays himself w-2 wages of $750/week based on recommendation from his CPA.
Where do you plan to reside?
Pro
I live in Texas
What is the contract role?
I believe to duct expenses you will need to be paid as a 1099 employee, not W2. Be careful with this.