W2 vs 1099
*** X-posted from the main IM subspecialties page ***
For the same income; and relatively low expenses, is it better to be on W2 or 1099
Income : 1M
Annual expenses : 200k
Let's say your total annual expenses including everything (car lease, mortgage, kids tuition, underwear, shaving cream , absolutely everything) is $200k. So 200k becomes the upper limit of what you can possibly deduct.
1099 route
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With 1m, and taking these 200k deductions, taxable income becomes 800k. So...
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Source: Student Doctor Network - Category: Universities & Medical Training Authors: onconc Tags: Hematology / Oncology Source Type: forums