For employees, when was the last time....

towermonkey wrote: Got 3% last December after putting in over 1000 hours of unpaid overtime. If it's the same this year, I'll strike out on my own mid year next year. Then they can pay my contractor price.

DITTO for DH.....one reason why I did NOT opt for a management position (that, and subordinate
appraisals). Year after year AFTER year, it has been the remaining individuals ABSORBING the
workload....after hour calls (VERY early am) interrupting sleep cycle sometimes HOURS on a
trouble/outage.....for MANY years now......until FINALLY an off payroll offer.....with luck and
the creek don't rise, Corporate will ACCEPT his yes and he will be on Vac. the end of Dec. and
OFF PAYROLL Jan. 1......we live a full, but FRUGAL lifestyle, so there will be adjustments,but
nothing we can not flow with. (JMO.....the corporation did NOT appreciate his loyalty/dedication/
work ethic NOR his Root knowledge of the business....it's their loss because the KNOWLEDGE
(how to get things done thru a "back door") is going away.....and they will realize it at a VERY
late date.)

I think often the term overtime is misused. To not be paid for 1000 hours of overtime would be so illegal, you likely could sue for enough compensation to never work again. But my sense is you were not an hourly employee, you were salaried, and then overtime has no meaning. Now if say you worked 1000 hours over 40 per week in a year, that is different and still a lot of work, but not overtime. Just FYI, often companies misclass employees in this immoral class system. Thus if your job did not qualify for salary, then you did work overtime and you are due the wages at whatever the state/fed laws say. Not that you have the leverage to push this or anyone's ear. Again, I am not saying anything about how hard you worked or how dedicated you were - just the word and regs.

You are correct...Salaried (management position)...my point was the COMPENSATION did NOT
correlate to the manhours worked at Salaried position....YES, I know that is part and parcel of
management expectations.....the BELL CURVE was implemented and there is NO way around that
measurement.....

After being self employed for the last 21 years, until I got sick, I'm faced with having to work for someone else, or go through the risk and struggle of starting another business. Even though the first choice is easier, I just can't get myself to do it. I want full control of my income, so I'd rather struggle to make it myself and trust that I will be successful again. But if I fail, I'm sure I'll find a way to re-enter The Matrix again (sometimes I wish I took the blue pill).

on that note wrote: I think often the term overtime is misused. To not be paid for 1000 hours of overtime would be so illegal, you likely could sue for enough compensation to never work again. But my sense is you were not an hourly employee, you were salaried, and then overtime has no meaning. Now if say you worked 1000 hours over 40 per week in a year, that is different and still a lot of work, but not overtime. Just FYI, often companies misclass employees in this immoral class system. Thus if your job did not qualify for salary, then you did work overtime and you are due the wages at whatever the state/fed laws say. Not that you have the leverage to push this or anyone's ear. Again, I am not saying anything about how hard you worked or how dedicated you were - just the word and regs.

Yes, misused, but when I was hired, the "understood" workweek was stated to be 40 hours with occasional additional hours required for emergencies. Then they started laying hourly people off. Damn - I'm talking myself into working for myself faster than I'd intended...

TM if you are considering working for your self as a 1099 independent I would advise you to research it first, check with someone in your line of work who already does it. Check the tax consequences and IRS rules. Good luck!

Rick wrote: After being self employed for the last 21 years, until I got sick, I'm faced with having to work for someone else, or go through the risk and struggle of starting another business. Even though the first choice is easier, I just can't get myself to do it. I want full control of my income, so I'd rather struggle to make it myself and trust that I will be successful again. But if I fail, I'm sure I'll find a way to re-enter The Matrix again (sometimes I wish I took the blue pill).

Kudos don't jump class, better to be higher class poor, than lower class rich (very common).

on that note wrote:

Rick wrote: After being self employed for the last 21 years, until I got sick, I'm faced with having to work for someone else, or go through the risk and struggle of starting another business. Even though the first choice is easier, I just can't get myself to do it. I want full control of my income, so I'd rather struggle to make it myself and trust that I will be successful again. But if I fail, I'm sure I'll find a way to re-enter The Matrix again (sometimes I wish I took the blue pill).

Kudos don't jump class, better to be higher class poor, than lower class rich (very common).

Well I'm not concerned about class, only the ability to control my own freedom. But there is a price for more freedom which I'm willing to pay through some risk and hard work.

LOL wrote: TM if you are considering working for your self as a 1099 independent I would advise you to research it first, check with someone in your line of work who already does it. Check the tax consequences and IRS rules. Good luck!

Not that complex, can figure it out after you start if you are going to play the child's game of 1099, but my sense is he is not a child.

No one in real business is 1099 unless they make less than 10g a year or they don't know much about taxes. They incorporate so they can lower their taxes and liability. As an S corp, my understanding is that you can take a significant portion of your income (the owner portion, not the worker portion) as dividends and not wages. This means lower unemployment, WC, SS and MC. On average someone who is 1099 will pay about 10% more taxes vs. INC. for the same work. Plus an INC. can NEVER be mistaken for an employee in any jurisdiction. 1099s are and in some states, 1099s are all but gone.

Corporations are not 1099ed. They still report, but their rates are simply lower. Also by the numbers 1099s cheat on their taxes, so they are a target. Do it right, if you are self employed, incorporate, get a good CPA, pay ALL your taxes, just pay less than the ignorant guys around you.

That being said I know plenty of tradesmen who did not incorporate because of the "paperwork" and "officialness". It is not a great day when I show yet another 50 year old electrician who has been making say $50k a year for 25 years that they are $100,000-200,000 poorer than they would have been if they just filled out that stupid formwork. This is very common for those that are not knowledgeable about the govt side business (which is common).

Rick wrote:

on that note wrote:

Rick wrote: After being self employed for the last 21 years, until I got sick, I'm faced with having to work for someone else, or go through the risk and struggle of starting another business. Even though the first choice is easier, I just can't get myself to do it. I want full control of my income, so I'd rather struggle to make it myself and trust that I will be successful again. But if I fail, I'm sure I'll find a way to re-enter The Matrix again (sometimes I wish I took the blue pill).

Kudos don't jump class, better to be higher class poor, than lower class rich (very common).

Well I'm not concerned about class, only the ability to control my own freedom. But there is a price for more freedom which I'm willing to pay through some risk and hard work.

Rick, we are mincing words. In my world, those that have more freedom and take the free election to have it by being self employed are higher class. Class has always had to do with freedom, more freedom, higher class. That is why I keep on encouraging people to be self employed, even if you make little, it is the quickest way to raise your class. If you have to smarts, once you are in this class or on this track, you can move faster towards wealth if that is what you desire.

If anyone is unemployed or underemployed, but physically able, I can provide simple guidance for a full time business, self owned in Summit County (or Vail or Aspen). You will need to own a pick up truck. Simply PM me. My cup is too full or I would not give this away and I cannot make money of this unless I do it personally. I have offered this to folks I know, but alas, it is real work. You will be tired at the end of the day, most do not want this.