Has anyone done any contract work, either 1099 or W2?

I'm leaving my current company, and they can't really replace me easily. Rather than leave them high and dry, I was considering offering to do contract / consulting work with them in the future, but I've never gone that route before.

Any advice? Also, what type of pay do I need to ask for to be equivalent to, say, $150K/yr?

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Originally Posted by Intropy

I'm leaving my current company, and they can't really replace me easily. Rather than leave them high and dry, I was considering offering to do contract / consulting work with them in the future, but I've never gone that route before.

Any advice? Also, what type of pay do I need to ask for to be equivalent to, say, $150K/yr?

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$75/hr fits your gross.

but depending on your current benefits plan 75 an hour may be a pay cut in retrospect. After you figure out what benefits would cost you then adjust from the 75$ an hour range. Usually in my experience contact work offers no benefits.

Yeah I wasn't sure if it was that straightforward or not. I'll be employed so benefits don't really concern me, just any pitfalls.

Just my opinion, but if someone can't figure out the payscale to equal 150K a year, I'd question their deserving it. For one, you have to pay both sides of your social security where as an employee, you pay half and the employer pays half.

i dont know all of the details, but my mom contracts herself out to banks. she charges 125/hr or $1250 a day. she does crystal reports (i dont know what they are).

she still pays taxes at the end of the year though

I do lots of contract work (1099) but mine is usually 1-5 days at a time. It really all depends on your personal tax bracket and how much you want to take home from the job(s). I usually add 30% to what i need to take home and that covers me pretty easily...

...but i dont take home 150k from contract work either :p

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Originally Posted by JohnnyTurbo

Just my opinion, but if someone can't figure out the payscale to equal 150K a year, I'd question their deserving it.

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I guess I should let the Bay Area tech companies that just fell over themselves to hire me know that JohnnyTurbo thinks I don't deserve it. :rolleyes3:

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Originally Posted by futurevr4man

i dont know all of the details, but my mom contracts herself out to banks. she charges 125/hr or $1250 a day. she does crystal reports (i dont know what they are).

she still pays taxes at the end of the year though

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Do you know how much of that she's taking home after taxes? I'm interested in some real-life examples.

Time to engage a local accountant. u need one to make best decision.

Sent from garage

I am self employed. I get dry raped in taxes. In that income bracket, you're going to get killed as well. As was mentioned earlier, you get to pay both sides of SS, plus a 15% self employment tax. I also recommend talking to an accountant. You may want to set up an S-corp, or something to that effect to get some tax benefits.

Jeremy