Compare "Contractor" vs "Employee" paychecks accurately.
W-2 Take Home
Includes Benefits Value
1099 Take Home
After Extra Taxes
...
When you are a 1099 contractor, you are responsible for the full 15.3% FICA tax (Social Security + Medicare). As a W-2 employee, your employer pays half of this (7.65%).
This calculator adjusts for that "Self-Employment Tax" to give you a fair comparison.
Financial Disclaimer
The results provided by this calculator are intended for illustrative purposes only and accuracy is not guaranteed. The figures shown are hypothetical and may not apply to your individual situation. FinanceSmartUSA is not a financial advisor, bank, or tax professional. Please consult with a qualified professional before making any financial decisions.