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Independent contractor 1099 status for w2 employee

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my employer will give me a raise if accept IC 1099 status. I am required to work in the office 45-50 hours per week with no limits on how much more work I will be assigned. I am the manager of the department for company A and the new Company B will pay my 1099 wages (and possible a "bonus" if any money is left over at the end of the year?). I am required to manage 2 other w2 employees and cover their duties if they are absent. One of the other w2employees is trained to cover my position. Note: I work in medical billing and coding.
my current w2 salary as $12.50 per hour (with paid 40 hours vacation, holidays, accrued sick time, overtime, health insurance reimbursement of $200/month)... the new 1099 offer is $41000/year to be paid monthly, what taxes will I owe married filing jointly status

2 Attorney Answers

Best Answer
You'll need an accountant to answer the question related to taxes owing. As to the rest, it frankly sounds unlawful and it may not be a "raise" you're receiving if you're losing benefits in the process. What about worker's compensation? If you work 47.5 hours over 52 working weeks, you'll work 2470 hours at $16.59 per hour with no paid vacation, no sick time, OT or health insurance reimbursement; never mind the complication of liability. You should consult a tax attorney before making this change. Good luck.
Best Answer
I agree that you need to speak to an accountant about tax issues and that you need to really evaluate the decision as Ms. Kazouris provided a very good answer.

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