More and more, nurses are being offered positions as 1099 independent contractors rather than full-time salaried employees who receive a W2 when tax season comes around. Taking a nursing job with this tax status poses a big risk, however. If you’re a nurse in the Athens, GA area, read on to learn about the dangers of 1099 nursing jobs.
One of the biggest problems with 1099 nursing jobs is the tax burden falls on the employee, not on an employer. Taxes won’t be taken out of your pay as the year goes on – you’ll have to pay them yourself at the end of the year. This can prove to be a costly sum! Plus, you’re responsible for Medicare and social security taxes, which are usually paid by an employer, and you’ll have to pay self-employment tax. This means on the whole, you’ll be paying out much more in taxes than your W2 counterparts.
Another downfall of the 1099 contractual status is you won’t receive benefits like insurance and a 401(k). Independent contractors are left to find and pay for their own insurance and put away for retirement themselves. You also won’t be eligible for a pension or unemployment benefits.
For nurses, time away from the job is a necessity. You need to relax and recharge, or you’ll burn out or could even pose a risk to patients. As a 1099 independent contractor, you won’t be eligible for paid time off. Sick days and vacation days won’t be allotted, and you won’t have an option for receiving overtime pay. If you do take time away from the job, you won’t be getting paid until you return to work.
Since you’re self-employed, the liability risk if a patient is harmed or there is an accident on-site falls on you. You’re also risking more personal liability; if you’re hurt on the job, you’re not covered by an employer’s workers’ compensation plan.
You Have Options
BOS Medical is here to help nurses in and around Athens, GA secure full-time salaried employment in order to avoid the pitfalls of the 1099 status. Give us a call today to get started on the search for your dream position and learn more about independent contracting versus salaried employment.