ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 05: Is the Grass REALLY Greener? 1099 vs W-2

Where is the grass greener? The W2 or 1099 income? In this episode, we outline each income type, the pros and cons, and some of the intangible considerations. Be sure to listen to see how you may be able to increase your pay by $30k-$40k per year.

We’ve seen and talked to ER docs who have experienced disruptions in their income due to COVID, and they are faced with the decision of continuing on in their situation or making a change of some kind. This episode is meant to help you reasonably evaluate your situation and what it would look like to make changes in how you make decisions for work and finances. We will be weighing the value of having 1099 income vs W2, as well as how to optimize your work and income in a way that makes the most sense for you.

Topics Discussed:
  • The importance of evaluating your situation and truthfully considering the other options.
  • Defining 1099 and W2 and what they have to do with your income.
  • What groups pay income or employment status for ER docs.
  • The intangible considerations between W2 and 1099.
  • The financial considerations between w2 and 1099.
  • How tax brackets work and what you should keep in mind when your income passes certain brackets.

ResourcesMentioned:

ERdocadvisor.com  

 

Tags

W2, 1099, the grass isgreener, income options, changes, options

by 
Scott Wisniewski, EA