Advantages of being IC vs. employee
Posted By: NightOwl on 2009-05-01
In Reply to: Hey - You guys that are IC's - Fingers
IC's are basically self-employed contractors. When you're your own boss, you:
1) Set your hours of availability.
2) Set your days of availability.
3) Can deduct from your income virtually all of your expenses of running your business (a portion of your mortgage for your home office, your taxes, your health insurance premiums, your computer/software/printing expenses, etc.)
4) Sometimes you can even choose your own platform for performing your work. When you provide your own tools, you are free to do with them as you wish, not just worry that the Big Q is going to realize you're posting on this board while you're logged in... ;)
The big key to making those advantages above actually WORK for you is to realize that you are personally in control of your destiny, work-wise. When I'm evaluating being an employee vs. an IC, if the IC company wants me to work THEIR shift (i.e., Tu-Sat, or PM's, or whatever), if I'm not free to change that or pick different hours, then I keep looking. If the employer were to set those restrictions, and I were to choose employment with them, then I would be agreeing to their terms. But a contractor hiring me as a subcontractor is hiring my services as a SUBCONTRACTOR not as a dollars-for-hours servant.
There has been talk around this board about unionizing, but personally I think we would get a lot further along in the game if we all became subcontractors or contractors and bought our own benefits privately. We would be better able to take back our land as far as setting our own hours and maintaining the flexibility that enticed us out of the hospitals and into our homes in the first place!
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Many of us are but never had the advantages - sm
of the education they had. 
Couple of advantages
No harm in doing your own - but I have been audited and it was not fun. This fellow is my new accountant I do believe. If after 20 years of IRS management he has no clue how to do my taxes, then I am dead in the water. You might have a CPA do your taxes one year and then use it as your guide. I just feel far and away safer from my own experience than having to worry about it. He also said to save all records for 6 years. The IRS can go 3 years back on one audit.
Do you know why wealthy get tax advantages?
And by the way, they do pay more in tax dollars than a $40K income ... but percentagewise may not.
Wealthy get tax advantages not just because they are wealthy but because they INVEST in businesses -- businesses that provide job opportunities for the rest of us. They invest in research. They invest in the economy and take great risk with their money.
If the wealthy were not willing to invest, none of us would have any companies to work at. We wouldn't have many of the places we shop and work at.
You're welcome! I find being on the ground floor of an account has its advantages, don't you?
There definitely is a difference and if you want to spend countless minutes searching for docs, countless spellings, then you are not making sense, constantly learning ESLs, then your are in training and not making the mortgage. I post here about inequities I have found and hope they help. Surely, no Transcriptionist is going to go my opinion alone, but if I am not making money and someone asks and I have been there I will try to give them something to ponder. Being on the ground floor of a company or account has its advantages and surely you know that. Thank you for reading my post.
Statuatory employee versus regular employee....
Can someone tell me the difference between a statuatory employee versus a regular employee? My company offeres IC or SE status....I am confused about whether switching over the SE would benefit me more than IC status that I have been for some time with them? What are the benefits and disadvantages of being an SE versus IC? Thanks for all of your help!
They hire both IC and employee. I am an employee (see message)
and I have full benefits. I am very happy that I came to work here. I came as a statutory employee from a large company. Everyone at MDI has been great to me.
Depends on if you are employee or statutory employee (sm)
Employee, 8th and 23rd of month
Stat. Employee, 15th and 30th month
Diskriter - Anyone go from their employee to hospital employee with them?
Thinking about giving up on being their employee and applying for a hospital employee position through them, they have one in PA right now that looks good. How is it for scheduling? Do you keep your line rate or get whatever the hospital pays? Who manages those accounts, is it the same PM and DR that are on the other ones? I have DR and feel like she doesn't have a clue what she is doing and it is so annoying, but I just don't have the guts to let the company know she needs to step it up a notch because the transcriptionists are not happy under her. Are QA the same people or through the hospital. They have 1 QA that is constantly asking us questions on doctors and format, things we should be asking that QA person. Annoying that new people move up to QA but people who've been there 2 or 3 years get treated like dirt and jumped account to account.
Only employee and statutory employee..no IC
nm
As an employee
I average about 8.5. They have an incentive if you type 12,000 in a 2-week pay period and that's not too hard to do on their system. Plus they pay higher on the weekends and at night (which I do on a split shift). I also figure the benefits are worth it because they use United, which I like the coverage in my area. All in all I am happy with them and I really like my team leader, that's a big plus to me.
Is this IC, SE, or employee?
nm
Yes they do, also employee and PT
positions were available when I interviewed 6 months ago.
Every employee is different.
I have found OSi to be very flexible. I personally do not work weekends. We are required to work holidays if they fall on your normally scheduled days; although, getting paid at 5 cpl extra. You can also request holidays off, which has never been a problem for me. I have never been denied on a request.
IC vs Employee
You will pay more taxes as an IC because of SSI, whereas as an employee, you do not (your employer pays half of SSI.)
You said you are an employee? Where?
Where are these 4 companies that pay $8K a quarter for bonuses?!?! Please, do tell!!
And provide enough work for you alone to do that much work?!?! Please, do share!!
When you are an employee, do you
If so, you are better off being an employee. Otherwise, the so-called self-employment tax cuts heavily into your earned income credit. It did for me at least, without having made a huge amount of self-employment income.
You can owe as an employee also
If you filled out your W9 form and put down for 10 dependents you would also owe or if your marital status changed or your deductions changed. All I am saying is that people think that because their employer is taking their taxes out for them they are not paying their own taxes. When you handle your own money, you just have to be structured enough to take out what an employer takes out. See your paycheck before and after taxes and see the percentage you are paying. When you get a tax refund that is YOUR money that the government has had for a year. You just underpaid. You can also overpay as a business owner or an IC and get a refund. But with the amount of deductions I have, I will never go back to an employee full-time as I would lose another 20% to the government and not ready to give that over.
employee or IC.
IC or employee?
I just checked their website and it states they only hire employees? It is possible to be an IC with them?
Yes, you can be IC or employee, nm
nm
Employee
Their platform is very productive and they offer full benefits to full-time employees. For that they do expect you to work an employee schedule as they try to have the coverage issues worked out. There have been some growing pains with work flow, but my experience has been they have been resolved quickly and certainly nothing chronic. They do not pay for spaces but I took that into account negotiating the line rate. The efficient platform and getting paid for headers also helps offset the spaces issue for me.
Is this as an IC, or are you an employee? nm
X
They must be as I don't do employee (nm)
@__@
Sorry.. Employee, soon to be EX, at MDI-FL..
Definitely need to clarify that.
Pay for IC vs. employee
I'm interested to learn the average difference in pay between IC and employee--such as, if as an IC I earn 9 cpl (65 char with spaces), as a regular employee what would be the equivalent? I'm guessing about 2 cpl less, so it would be 7 cpl as an employee. I don't need insurance though.
Thank you in advance!
IC vs employee
An employer generally pays about 20% in benefits and overhead for each employee which includes medical insurance, paid vacation, income taxes, 401K, equipment, fringe bennies. So yes, in the example you gave it would equate to about 0.2 cpl.
Employee only. nm
xx
Are you and employee or IC? (nm)
/
An employee. nm
s
Really? I am a former employee of one of those
companies and I know one of them do.
are you an employee? sm
if so they are bound to take out state taxes. If you are an IC, of course not. Oh-- and by the way-- you would have to pay your state taxes yourself anyway :)
P.S. And, yes, I was an employee.
And yes, taxes are ultimately the responsibility of the employee, but most legitimate companies withdraw taxes from the employee's paycheck. I found it difficult enough just paying my regular bills with the very low rate of pay this company offered, and it was impossible for me to also put aside extra money to pay for the taxes they refused to take out.
One of the reasons I decided to accept employment with them was because I belieevd of all the hype about them being best employer, etc., and I refused to listen to all the little warning signs that frequently popped up in my brain. I won't ever do that again.
Not the OP, but is she is an employee, sm
why shouldn't she get paid for downtime? If you worked at Burger King and no customers came in for an hour, yet you were required to be ready to service the customers, wouldn't you expect to be paid? JMHO
Now, if she is IC, she's out of luck.
Are u an employee or IC? nm
x
I am an employee
I have written a demand for payment and have not worked since not receiving my check.
Any advice on who one contacts regarding those in the legal end to contact would be most helpful if anyone knows this info.
Thanks!
IC vs Employee
I know this subject has been broached before... but, how can a company seek an IC, and then assign work each day and expect you to put in X amount of hours, etc. I don't understand this... I was under the assumption that as an independent contractor, you work when you want. You are providing the company with a service, you are not their slave and do not have to answer to them at a certain time of day. IC means work is done and returned in the manner the IC sees fit. When asked part-time or full-time, what is the answer when you are an IC? Anyone else having this trouble? I would love to hear from you... 
I also do not see how a company can put you at edit status, and then never give feedback on blanks, etc. How do you ever get out of editing? Is it the IC's job to ask about blanks when you are already receiving a smaller pay rate to be in editing and trying to make some money while learning a new account.
Are you looking for employee or IC
CIT employee
I presently work for CIT and wouldn't work anywhere else. There definitely is work out there to be done--almost too much work. Bottom line is that I firmly believe your job is what you make it. If you think it's too tough and can't be done, then guess what... It will be too tough for you and you won't be able to do it. In regards to ESL dictators... I look at it as job security. They are not going to change or go away, so my goal is to learn to master them. Any good Transcriptionist knows that a short-cut program is the way to go--work smarter, not harder. At least our platform offers you one if you do not have one of your own and it is very easy to learn to use. I presently use my own, SPEEDTYPE, with my own standards for the dictators. As for communication, if there is a breakdown in communication--maybe all parties involved are not communicating with mutual respect?? Basically I don't expect my boss to have to contact me unless it is necessary. I was given what was expected and am allowed to accomplish it without having anyone breathing down my neck, but help is there if I ask for it. As for a small company, yes, we are at this point. Sam Walton didn't start Walmart with a boatload of people, each with one single specialized job, but a few very multitalented people who were flexible and able and willing to do what was needed in order to get the job done. Look at the number employed there now--YEARS later. My point is we are growing--fast. Bottom line though, is that there is no job that is perfect for everyone, so you need to find your niche in life, determine your goals and what YOU are willing to do to accomplish them, and you may be surprised how your dream job could be exactly where you are today.
Are you an employee
nm
Are you an IC or employee? nm
I am not now, nor have ever been an employee, but
I was offered a position by them within the last 6 months. The recruiter was so busy I.M. people during the interview that she couldn't keep a train of thought and I was distracted. I felt red flag #1. I'v heard from many people that you're questions go unanswered, despite the fact that management seems to I.M. each other all day long. The recruiter told me about this account that was fabulous and there was rarely an opening because the MTs loved it and there just wasn't any turnover. She also denied offshoring. She put me in touch with the team leader for this wonderful account and it was an account that I had worked on with another company and it was a horrible account. The TL said it was a horrible account and they could never keep MTs on it. The TL also told me that they indeed did offshore and not only that, but they offshored the good work and left the crap here.
I just felt like I couldn't trust them and turned them down. Their pay scale is based on lots of things. There is a base pay, then extra for so many years of experience, extra for 2nd and 3rd shifts, extra if you have CMT, etc. I can't remember what their benefits were like.
IC to employee......
You are so very right!! I absolutely hate! being an employee. It really is a hard transition.
Well, are MTs IC or employee? sm
If employee, how about benefits? Major medical? What company is the major medical with and how much does it cost? Schedules, M-F or do MTs work weekends and holidays? Do they supply equipment or can you use your own? How about pay? Line quotas? Easy to reach? cpl rate of pay? Platform? Clinics or acute care? Sorry for the long list but curious and would like to know before I apply. TIA.
Former SGS employee...
I had no real complaints with the company. The lack of DD was never an issue as check was always on time. I can't say anything bad about SGS and would work for them again.
X Employee
I worked for this company for three years and they are in this predictament only because they do not separate company earnings from their own money. They can't keep their hands out of the business money. They always have lots of work coming in, but they don't know how to handle money. They have to impress their friends by buying everything the neighbors have and by throwing parties all the time for their family and friends. The employees that make the money for them are left with rubber checks and stress. They have broken many laws in my eyes
OSi employee
I have worked for OSi since January 2006. I enjoy working for them. They let us know the plans for the future and give us feedback. Pay is dependable. Communication is there if I reach out for it. There are issues with all companies, so I have made a commitment to stay where I am at. Any questions, feel free to email me. Have a great day.
MD-IT New Employee
I have also been hired by MD-IT, beginning employment on 09/01/07. I have heard nothing but good about the company itself! However, they have smaller MTSOs join with them, and they are pretty much ran the same as always. So, you probably need to find this out, and if you are working for a MTSO that joined with MD-IT, this is who you need to check out. The MTSO has to abide by certain guidelines set by MD-IT, but otherwise they are ran as usual. For example, a MTSO out of Louisville, Kentucky, that recently joined MD-IT offers the benefit of 401K, where the MTSO (Indiana) that joined with MD-IT that I am going to be working for does not. As stated though, I have heard nothing but good things regarding MD-IT itself.
OSi employee
 I have been an OSi employee for 2+ years and just don't have a problem with them. The pay is regular and dependable. The insurance is competitive. Work is always available. Communication is good. All OSi did was to inform employees and clarify holiday pay before the holiday. The requirements are not unreliastic. Whenever there is a post about OSi it is something taken out of context. The complete story is never told.
If you are looking for a job where you are informed and know what to expect, then apply with OSi. If not, then find a good fit and good luck.
I just think OSi gets a bad rap way too often on this site. OSi is a company that has no surprises. They let you know what to expect. Sometimes we don't like what we hear, but we hear it first. On the other hand, sometimes the news is good, but there are never posts about those meetings.
People have many different needs and I feel that sometimes there are unrealistic expectations on companys to fulfill needs that need to met elsewhere in life. If you want to work for a company where you can get feedback as a new employee to help you make required rates and QA standards, and you want to sign in and work your scheduled hours, get your pay consistently, be informed of upcoming changes, then OSi is a company that can fulfill these needs. No suprises here. What you see (hear) is what you get.
Again, good luck.
What do you pay this wonder employee. Just
x
8 and 4 is IC, employee is 6 and 3.
x
IC vs Employee
For me the only draw back to being an IC was paying the social security tax, which can be high!, also no benefits, but my husband carries those....I am worried about MQ right now.so many changes and no explanations
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