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 ------------- With 1m, and taking these 200k deductions, taxable income becomes 800k. So... Read more
Source: Student Doctor Network - Category: Universities & Medical Training Authors: Tags: Hematology / Oncology Source Type: forums