Independent contractor

[bananas85]

As a hospitalist if I was to take an independent contractor position, what expenses would I have to worry about, malpractice insurance and tail will be paid by employer

1) health insurance (about 300/ month)
2) disability insurance (how much would be for a fresh new grad)
3) retirement or the equivalent of 401k

What else would I have to worry about? What are the benefits of being an independent contractor ?? What else would I have to worry about.?

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[rokshana]

As a hospitalist if I was to take an independent contractor position, what expenses would I have to worry about, malpractice insurance and tail will be paid by employer

1) health insurance (about 300/ month)
2) disability insurance (how much would be for a fresh new grad)
3) retirement or the equivalent of 401k

What else would I have to worry about? What are the benefits of being an independent contractor ?? What else would I have to worry about.?

taxes…as an independent contractor, the program doesn't take any of that out…make sure you put it aside or you will be in for a big surprise on tax day!

 

[bananas85]

Yes of course, that's a given. I meant more of the other stuff that employees usually provide for you and now you would have it buy on your own and it will be expensive.

 

[jdh71]

Yes of course, that's a given. I meant more of the other stuff that employees usually provide for you and now you would have it buy on your own and it will be expensive.

Just so we are clear . . .

http://www.bizfilings.com/toolkit/s...loyers-responsibility-fica-payroll-taxes.aspx

 

[bananas85]

Damn so more taxes than an employee. :-( I really like this job but more and more it's starting to seem just alright.

 

[rokshana]

oh, and you need to pay quarterly taxes or there is a penalty…

if you put aside 30-40%, you'll be ok….though it sucks….

 

[zeloc]

Are you stating that you are interested in a specific position and you know that you will be an independent contractor? Because you can also be hired by a hospital as an employee, without benefits, and you would not be an independent contractor and still have to acquire your own benefits, but the tax implications are different.

 

[Lawgiver]

even as employee you should not be giving uncle sam a cent more than you have to. why let them use your money interest free for a year? better to have a few extra allowances and owe a bit than to ever give too much.