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Jan 16, 2023
12:10
:55
am
BYUCPA
All-American
Usually you would pay more tax with a 1099, because
you would be paying both sides of the payroll tax. You can only expense costs associated with the earning your 1099 income. Not sure how it plays out with you already hitting the max payroll taxes.
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BYUCPA
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BYUCPA
Joined
Jan 8, 2003
Last login
May 8, 2024
Total posts
3,617 (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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