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Hi fishes,
Does joining bonus is taxable??
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The only benefit, if you can call it that, is not having anything withheld from your paycheck. But that's more curse than blessing since you still have to pay your taxes anyway. The benefit is all to the company, not the contractor. They don't have to pay for benefits for 1099 workers.
You have more flexibility, you’ll generally make more money, potentially can deduct business expenses, and you are working for yourself. Don’t let the taxes deter you. It’s not that bad, just do your research and understand them.
It's an extremely difficult job and most people don't stay. I'm in the industry now for a year and a half and have made very little income. The only benefits are your tax write offs, but when you have very little income coming in there's not much to write off.
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I honestly see very little benefit unless you value independence over stability. I would only consider 1099 if the commission upside is huge and benefits are not a priority for you.
Thank you, for the thoughts. I have an agent who negotiated being a 1099 employee. After 3 months I wondered if I’m missing something or if it was my first sign of what I’m dealing with as an employee.
Because you take a ton of deductions against your income being a 1099. I always take 1099 contracts instead of employment especially if you have another means for health insurance. There are so many expenses you can bring 1099 you can’t take being w-2 and in sales positions where you have to spend money to make money it makes the most amount of sense to be able to write those expenses off.