[motheroftwoinga]

I am interested in a job where most of the income is in bonus and "store override" the bonuses will be for $10,000. Each and I could expect aprox 4 of them. My base salary is small and I will receive 2% override of whatever the store sells. I am trying to calculate my take-home earnings. Please help.
Thank you very much.

[MukatA]

First you need to find out if you are an employee or an independent contractor. Or a part of your earning is reported on W2 and part on 1099-misc.

[motheroftwoinga]

I will be an employee. It is for a store manager. I live in GA and I don't know about the W2/1099 misc. which is better?

[MukatA]

An employee gets W2 and an independent contractor gets 1099-misc. On W2 the employer must withhold Social Security and Medicare taxes.

On 1099-misc, you will pay 15.3% SE tax instead of 7.65% withheld from W2 income. Thus you pay about 7.5% more. The advantage of getting 1099-misc is that you can directly deduct your business related expenses on schedule C or C-EZ. On W2, you can take business related exepenses only as itemized deduction
Your U.S. Tax Return: W2 vs 1099-Misc: Employee vs Independent Contractor.

[motheroftwoinga]

Thank you so much for your help.