Is anyone familiar with being a contract employee in the Motorsports industry?
I have been offered a position with a racing team as a fabricator. I have always worked as a W-2 employee in the past. Are there anythings I need to be aware of before I accept the job? I'll be a 1099 employee and expected to pay my own tax liability. Are there additional deductions I can take in this position? Thanks.
Asked By: angrycelt - 6/22/2008
Best Answer - Chosen by Asker
There are a great number of things that you need to be aware of and keep proper records to maximize the deductions available as a independent contractor. You should seek the help of a tax professional familiar with your industry. Do so ASAP so that you start keeping the necessary records from day one. They will make... More
Answered By: Mathew - 6/22/2008
Additional Answers (3)
You will be like any other contract employee and treated as your own business... More
Answered By: Steve - 6/22/2008
It is up to you to determine if you currently are or actually were an "employee... More
Answered By: Henry P - 6/22/2008
In addition to ordinary income tax, you will be subject to a self-employment tax of 15.3% of 0.9235 of what you make (after deductions for work expenses). When you compute your regular income tax, you can deduct 1/2 of the self-employment tax on Form 1040... More
Answered By: StephenWeinstein - 6/22/2008
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