1099 vs W2 Employee as a contractor - pros and cons ?

[satikum]

Hi,
I got my EAD recently and I was wondering if I should be working on 1099 or on W2 with my company as a contractor ? What are my pros and cons of these two options ? My copany is OK either way.

I get all medical benefits from my spouse. so I do not need them from my company.

Thanks for your help.

[gunt]

the pros/cons are related to withholding taxes. You do have withholding on W2, you do not on 1099. Problem is that at the end of the tax year if you owe the INS more than 5% of your total tax bill, they will fine you for not paying the taxes in installments (called estimated tax) over the course of the year. Also with 1099, you will have to may Social Security and Medicare contributions from your own pocket. to be honest unless you are very tax smart, then you should stay with W2 and let the adminstration staff take care of your taxes for you.