1099 contractor on F1 OPT Visa
Hi there,
I completed my MS on July 17, 2009 and got my EAD authorization for OPT on 23rd July, 2009. I have started working for a company from 23rd July, 2009.
My employer wants to hire me on a 1099 contractor basis. I have a few questions related to the same:
1- Can I work as a 1099 contractor while I am on a OPT visa? My employer provided me with a W-9 form to sign. But as far as I know, I am supposed to sign the W-8BEN right?
2- My employer has also applied for an H1-B visa on my behalf. Will working as a 1099 contractor create any complications for this?
3- Until now I used to get a tax form once a year and I used to fill and send it to the IRS when I was on F-1. Now it seems to me that on 1099, my tax won't be deducted from my paycheck and I am supposed to pay my tax all by myself. It is true?
4- After reading through the 1099 tax documents, I saw that I am supposed to pay taxes on a quarterly basis. Is it necessary or can I pay it once a year as I used to do it during my F-1 status?
5- Could you guide me on how to estimate my taxes on a quarterly basis?
6- If my H1-B visa gets approved, what would be the necessary changes to be taken related to my employment? My employer has no knowledge about the H1-B visa employment requirements (and even me).
Thanks,
~Amit