Independent contracting?? - Chicagoland Sportbikes
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post #1 of 12 (permalink) Old 05-10-2007, 08:18 AM Thread Starter
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Independent contracting??

i have a meeting with the new president of a compay i used to work for after work today for an opertunity to work for them on a contract basis. having worked there full time, i know what id be doing and what they would expect from me, so thats not the issue. the question is, anybody out there work on a contract basis and know what to look out for? ive never done anything like this in addition to my full time job. they contacted me about the oppertunity, so i know they need the help. any ideas how to charge, per hour or per project? any guidelines on what to charge? ot at my regular full time job is pretty decent, but id be doing this in my free time so i wanna be covered...any help, anybody?
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post #2 of 12 (permalink) Old 05-10-2007, 08:29 AM
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If it is the same work as your full time job divide to get your hourly and add a few bucks for negotiating room.

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post #3 of 12 (permalink) Old 05-10-2007, 09:32 AM
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noooooo. I think there's more to it than that. i.e. you're contracting and probably going to make a decent amount of money on this so you have to consider stuff like SS taxes that an employer usually pays too. Since this contract gig isn't going to be doing that you'll be paying those taxes yourself so factor that into your hourly wage that you'll bill them.

of course I have no clue what I'm talking about and just babbling so take that with a grain of salt (actually a few salt shakers worth )
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post #4 of 12 (permalink) Old 05-10-2007, 10:44 AM
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Ernie, I was thinking the same thing. I think that as a contractor, one would be required to pay quarterly taxes, etc.

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post #5 of 12 (permalink) Old 05-10-2007, 10:56 AM
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You also need to take into consideration benifits that you would not get. Healt insurance, paid time off... things like that.

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post #6 of 12 (permalink) Old 05-10-2007, 10:59 AM
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Quote:
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noooooo. I think there's more to it than that. i.e. you're contracting and probably going to make a decent amount of money on this so you have to consider stuff like SS taxes that an employer usually pays too. Since this contract gig isn't going to be doing that you'll be paying those taxes yourself so factor that into your hourly wage that you'll bill them.

of course I have no clue what I'm talking about and just babbling so take that with a grain of salt (actually a few salt shakers worth )
Just gave out a starting point for the ballpark.

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post #7 of 12 (permalink) Old 05-10-2007, 11:05 AM
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post #8 of 12 (permalink) Old 05-10-2007, 11:17 AM Thread Starter
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the tax stuff im not sure about.

i have a full time job, with good benefits. so im covered on heath insurance, time off and 401k/pension.

i did some searching and read somthing about paying quarterly taxes, but i think i need to call my tax person and see what i need to do. i know i will end up using my personal vehicle and phone for this too, so i need to see what i need to save so i can deduct that stuff.
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post #9 of 12 (permalink) Old 05-10-2007, 11:29 AM
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the tax stuff im not sure about.

i have a full time job, with good benefits. so im covered on heath insurance, time off and 401k/pension.

i did some searching and read somthing about paying quarterly taxes, but i think i need to call my tax person and see what i need to do. i know i will end up using my personal vehicle and phone for this too, so i need to see what i need to save so i can deduct that stuff.
Since you have a full time job you won't have to pay quarter taxes for the consulting work. You just have to keep track of your income then pay the taxes for that income at the end of the year. Their is one catch with that. As long as you pay at least 80% of your taxes that you would owe over the course of the year.

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post #10 of 12 (permalink) Old 05-10-2007, 11:32 AM
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Depending on what kind of work you are doing you are going to need certain insurance. Find out if the company you are contracting for is covering "YOU" under their insurance. This is extremely important. I do electrical contract work through my company for Military, Industrial, Municiple and Nuclear. You would shit if you knew the amount of coverage some of our customers require for us to be on site. Millions of dollars brother. A private contractor couldn't even come close, only a large corp like the one I work for could be on site.

For example. I was at a Shell Canada in Edmonton Canada. This is a refinary where they take H2S (Hydrogen Sulfide) out of oil. Toxic, shit and has no odor. If you breath it in, you die or get brain damage. We had to go through 6 hours of safety training before we were able to set foot in the plant. Nomex (fire retardent) suits are manatory, along with hard hats and resperators. So you can imagine the liablity involved with that job.

Thats about the most extreme I could think of. If I were you, I would talk with a lawyer about this and make sure you have all your bases covered.

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post #11 of 12 (permalink) Old 05-10-2007, 12:14 PM Thread Starter
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Quote:
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Thats about the most extreme I could think of. If I were you, I would talk with a lawyer about this and make sure you have all your bases covered.
good advice. my liability is nowhere near any of that, but this is a pretty big place that does business with alot of major appliance manufacturers. im pretty sure ill just be doing some design/manufacturing engineering, which is what i was doing when i was employed by them. so hopefully nobody goes brain dead!
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post #12 of 12 (permalink) Old 05-10-2007, 01:13 PM
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good advice. my liability is nowhere near any of that, but this is a pretty big place that does business with alot of major appliance manufacturers. im pretty sure ill just be doing some design/manufacturing engineering, which is what i was doing when i was employed by them. so hopefully nobody goes brain dead!
Just make sure you are insured by the company you are contracting for incase you get hurt or killed. It doesn't sound like your job is hazardous but you still want to cover that base.

Sometimes we hire out contractors for some of our install and service work. One of our contractors never had a claim. Really good guy, very professional and knows his shit. Anyway, it came time to renue his policy and he gets a letter in the mail from the insurance company and they raised his premium something outragious. He called and asked why. And they said because you have never had a claim with us. I've never heard of anything like that but it sure screwed him up. He can't afford to contract with us anymore because the premium is way too high.

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