Got it thanks! Any downside to taking as much income as possible as 1099

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Jan 16, 2023
12:03:58am

DK- All-American

If the company will allow it?

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DK-

Previous username: Reformed Cougar
New username: bYuFB
Bio page: DK-
Joined: Sep 18, 2013
Last login: Feb 8, 2023
Total posts: 0 (0 FO)

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Messages

Author

Time

Question for all you tax gurus

DK-

1/15/23 11:56pm

Once you max out on SS then you don’t have to pay anymore

oohYeah

1/16/23 12:02am

Got it thanks! Any downside to taking as much income as possible as 1099

DK-

1/16/23 12:03am

Wait he doesn’t have to pay the employer portion of SS still? I thought he did.

Coach's Dad

1/16/23 12:08am

Yeah, I think you’re right.

oohYeah

1/16/23 12:19am

No. He does not.

BYU-Ite

1/16/23 6:13am

Usually you would pay more tax with a 1099, because

BYUCPA

1/16/23 12:10am

It gets complicated. If your income is up around 500k

oohYeah

1/16/23 12:13am

You’re still paying slightly more in payroll taxes as you will pay the 2.9%

BYU-Ite

1/16/23 6:15am

I will just add that you and your employer can’t just “decide” to make some of

eoscougar

1/16/23 7:22am

This is correct, tread carefully.

mbs6

1/16/23 7:57am

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