Hi, I have graduated in dec 2009 and I am on Post Completion OPT and working as an independent contractor on 1099 basis from the last five months, now I am planning to change to W2, but my employer changed me to W4 instead of W2. Is it OK if I am on W4 and can you tell me is there any tax advatages if I am on W2?

You ARE on W-2. The W-4 is just a form completed to tell the employer how much money to withhold from your salary to cover your federal income tax liability

Thanks for your quick response

Glad to help!