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14 March, 2010 |

My husband just became an 1009 contractor and will be paid net30. What does that mean?

  • Does that mean he will be paid monthly?


  • Net 30 typically means he will be paid 30 days from date of the invoice or billing he sends them.

    That he will be getting a 1099 means he is responsible for paying any social security & medicaire taxes, along with federal & state or any local income taxes, after any allowable expenses are deducted. If you aren't real familiar with how this can impact your tax situation, you should consult with a CPA or your tax preparer now, to avoid having a substantial tax liability due all at once.


  • Net 30 means that he'll be paid within 30 days after he submits each invoice for his work. So if he bills the company at the end of October for his work in October, he'd get paid by the end of November.


  • The two other answers are correct. Your husband also should figure 15.3% of his gross earnings for Social Security (FICA) and Medicare. He needs to get with an accountant and figure an estimated tax to be paid quarterly for IRS and for your state and city of those two apply in your area. Failure to do this will not only result in a large tax bill due at April 15th (or whatever date your return is due) but also some pretty stiff penalties and interest.


  • it means he will be paid 30 days from the date on the invoice. Also your husband is now responsible for the taxes being taken out of his check.

    He will not be getting a paycheck with the taxes are taken out, he has to do that. also he will get a 1099 form for his taxes not a W2.

    Carrie







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