self employed independent contracting

[Lao Tzu]

I'm beginning to think that developing a marketable skill, then independently contracting is probably more rewarding financially than becoming a salaried employee as there is no middleman. Puc, for example, tripled his salary for the same work by independent contracting.

What all professions allow you to contract independently? i would assume the only ones would be in healthcare (nursing, physical/radiological/respiratory/etc. therapies), construction (engineering & construction) & technology (im not going into the tech industry). Anything else? Throw some ideas out.

 

[Bullit]

You should perfect your polesmoking and hit the local 'fruit loop' and turn a few tricks.
Be your own boss, set your own hours. Sounds like a perfect match.

 

[HappyScrappy]

if you do it - take all of the taxes into account.

contracting gets specially taxed, and self employed takes on all the taxes and insurance as well - so you can actually come out lower in the end.

 

[HumorMe]

if you do it - take all of the taxes into account.

contracting gets specially taxed, and self employed takes on all the taxes and insurance as well - so you can actually come out lower in the end.

You have to pay estimated taxes every quarter plus your FICA tax 12.3% of your gross wages (which would be your net after operating expenses) instead of 7.65% if you were employed by somebody else.

If you happen to underpay your estimated taxes by more than 10% of the previous year then you will get hit by the IRS with penalty and interests(which are rediculously high).

Good luck.

 

[HappyScrappy]

whoa - thanks HumorMe - that is exactly what I was trying to say

I need to learn all that soon. I was paid as a "contractor" one summer after high school and I didn't do the taxes right and got in trouble.
fortunately I didn't make that much for them to get too mad over.

 

[Hangfire]

You can go into independent practice in just about any field as a "consultant".

It is true that the taxes are more complicated when you are self-employed, but you can also take advantage of a few tax breaks if you work out of your home and use your vehicle to transport you to and from your jobs.

If the client base is there, I think it is worth doing.

 

[vinylgroover]

Insurance can be a big downside to the whole contracting thing depending on the industry you are in.

Personal indemnity insurance can be prohibitive in any of the medical or construction related industries. That's something you need to check on prior to doing anything.

 

[Puc]

Taxes are more complex.... but accountants are reasonable. Also, i really like being more liquid. Meaning, i have a bit more control over when i pay taxes... they are not taken directly out of my paycheck anymore.

Personally, i LOVE the freedom. i LOVE the motivation. It is much easier for me to enjoy what i do when I can see the end result both for my clients and my bank account. When i was salaried, the more i worked, the more my owners made. The motivation was just not there...

I discovered that being an independent is attractive to customers, too. They like not paying for the overhead of the firm and offices, etc. Most of my customers are end-driven. They want the best quality at the lowest price. My old customers have been coming to me with more work than i planned for or can do.

People are going to try and scare you with talk of liability, etc. But, being LLC is not that difficult if liability is a concern of yours.

People talk of job security, but in this market, there is not any of that anywhere, anyway. People were getting laid off at my old firm with no severance or notice.

Really, though, I think it is the greatest thing in the world. Paychecks are not as regular, but they are bigger.

I taught myself how to do my own invoicing and expensing in a day or two, after that it was off to the races.

BUT... I think you have to work for someone else first. I think you have to get acclimated to your chosen industry. I think you have to learn about how companies operate and what you agree with and do not agree with. I think you have to get your name out there.

BTW i am saving 1/3 of everything for the fucking IRS...

 

[THE STEEL BEAST II]

PUC IS AN INDEPENDENT CONTRACTOR FOR AMWAY