Unemployment benefit entitlement?
#31
Re: Unemployment benefit entitlement?
Yes, certainly understand about the part where the company can't dictate how you work.
I love working for myself, but at times I have to admit that it would be nice if I got paid for a sick day or had paid vacation time! And all those expenses that lower our gross reported income may lower our taxes, but they also lower the amount that social security will be predicated upon eventually.
I love working for myself, but at times I have to admit that it would be nice if I got paid for a sick day or had paid vacation time! And all those expenses that lower our gross reported income may lower our taxes, but they also lower the amount that social security will be predicated upon eventually.
#32
Forum Regular
Joined: Mar 2010
Location: Yo yo ma playing background music
Posts: 285
Re: Unemployment benefit entitlement?
I have a couple of friends who got the short end of the stick by being independent contractors, one a musician, one a dog groomer. No foresight to plan for retirement and spent all their extra cash gained by being ICs. Now older, the musician gets less than $500 mo SS, the other will likely not even get that. So sad.
#33
Account Closed
Joined: Mar 2004
Posts: 2
Re: Unemployment benefit entitlement?
$500 is similar to the UK State Pension.
#35
Re: Unemployment benefit entitlement?
I have a couple of friends who got the short end of the stick by being independent contractors, one a musician, one a dog groomer. No foresight to plan for retirement and spent all their extra cash gained by being ICs. Now older, the musician gets less than $500 mo SS, the other will likely not even get that. So sad.
I know folk that have been divorced years over in the US and they can still add to the money pot from past marriages
Its cool having a CPA as a roomie I get loads of info and tips
#36
Re: Unemployment benefit entitlement?
Interesting! But I wonder if, had you lived 15 minutes down the road, it would be looked upon differently? And did you forgo benefits by taking that choice? This is purely surmise, but as you work remotely, I wonder if that makes a difference in the IRS's view of your situation.
In the 1950s-1970s it was quite common for the federal government to sue large corporations for breaking labor laws (primarily assigning exempt status to employees and discrimination).
Now it seems that the government stays out of the fray and employees file class action lawsuits against companies (eg. Microsoft, IBM, Walmart, etc.).
#37
Re: Unemployment benefit entitlement?
By the way I'm signed up for an annual leaflet that gives me an update on my ss situation. It's called "Your Social Security Statement" and i think you can sign up for it at www.socialsecurity.gov.
#38
Re: Unemployment benefit entitlement?
I bow to your knowledge, but in the early 1990s I had a client who had such concerns and cited an IRS audit as the genesis of their worries. But things do change . . .
#39
Re: Unemployment benefit entitlement?
indeed...get quite a huge discount on council tax, heating and other utilities, my old dear even had her house completely re-insulated for free, that and free or next to free bus travel etc...oh and proper OAP discounts that actually amount to something in shops etc is quite nice.
#40
Account Closed
Joined: Mar 2004
Posts: 2
Re: Unemployment benefit entitlement?
indeed...get quite a huge discount on council tax, heating and other utilities, my old dear even had her house completely re-insulated for free, that and free or next to free bus travel etc...oh and proper OAP discounts that actually amount to something in shops etc is quite nice.
I did his shopping, nothing there, and bus yes but he does not go anywhere.