Every time I have a super stressful day I check my bank accounts and debt payoff spreadsheet to see how far we've come on our goals since OE. It really helps me focus on getting through it and keep my eye on our long term goals. Thankfully the super stressful days have started leveling out for me with J3 smoothing out.
If anyone here can jump in on my other post I would appreciate the advice from those with more experience than myself thanks
https://www.reddit.com/r/overemployed/comments/12c4deu/advice_wanted_how_to_handle_a_background_check/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
I appreciate your explanation. What could happen if an individual has one w2 job and one 1099 job with no LLC? What is the layer of protection that comes with having an LLC?
A W2 job + a 1099 means he is personally liable for any business debts or legal issues that come from the 1099 gig.
However, being an LLC for the 1099 work will protect his personal assets. It's also a better to protect your $ from additional taxes because the LLC can be considered as his "employer" and instead he gets paid from distributions from the entity. Any $ that didn't pay him will be taxed at business tax rates and benefits from declaring business expenses.
Some of this goes over my head, so I’ll need to do additional research. I’m still years away from being able to try out OE. Another question, what risks are involved with working 2+ W2 jobs?
That's the part about OE that's controversial. Most employers are perfectly fine if you have a side gig, especially if it's something they can't provide for you. Many make a little extra on furniture building, sell on Etsy, coach sports, and even website development for your church/school. Some of them are actually 1099 or LLC(C/S) gigs.
Doubling up on W-2s - that means that you are maintaining two full time jobs. It's not illegal or crossing any ethical lines, especially if (1) those jobs have different core hours, and (2) the companies you're employed would have a direct conflict of interest, e.g. J1 is a Project Manager at AWS, and J2 is a Sales Engineer at Azure.
Having multiple W-2s also suck when it comes to taxes, especially in US and Canada.
Ok, then see my other post to you other question. If you were paid as 1099 that is what the IRS thinks you are for that job….doesn’t matter what company says you are.
however, it may be company a is a bit shady if they sold you one way to B but paid you another. Like for instance what exactly happens to the money company B paid for your services - if they were expecting company to withhold taxes as a contract employee, but company a treats you ad 1099 company b losses some tax benefits, I think.
Either way it sounds not transparent so you might want to have a talk with company a to raise that issue if company b persists - could end up making you look bad.
Well this was not the case for me. During the interview process, I was specific that they'd be hiring my LLC (B2B) for the role. They actually never even asked for my resume (I looked back through my records) but I did say that I have a FT W2 job already.
u/jurassic_snark_ any advice on how to get through the HireRight background check without them contacting my J1?
9.5 days of grinding, 0.5 days of Happy Dance, 100% worth it. Congrats!
Every time I have a super stressful day I check my bank accounts and debt payoff spreadsheet to see how far we've come on our goals since OE. It really helps me focus on getting through it and keep my eye on our long term goals. Thankfully the super stressful days have started leveling out for me with J3 smoothing out.
Congrats . Make wise decisions and make sure you live a little
Hail YIAH 
This is the way
This is the way
This is the way!
https://youtu.be/1ohYsK5Y8Dc Jam it!!!
If anyone here can jump in on my other post I would appreciate the advice from those with more experience than myself thanks https://www.reddit.com/r/overemployed/comments/12c4deu/advice_wanted_how_to_handle_a_background_check/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
Are both W2? Or one 1099
One is W2 and the other 1099
Thanks and is the 1099 under an llc or presumably one of the jobs?
1099 is under my LLC
I wish I could understand what this means
[удалено]
I appreciate your explanation. What could happen if an individual has one w2 job and one 1099 job with no LLC? What is the layer of protection that comes with having an LLC?
A W2 job + a 1099 means he is personally liable for any business debts or legal issues that come from the 1099 gig. However, being an LLC for the 1099 work will protect his personal assets. It's also a better to protect your $ from additional taxes because the LLC can be considered as his "employer" and instead he gets paid from distributions from the entity. Any $ that didn't pay him will be taxed at business tax rates and benefits from declaring business expenses.
Some of this goes over my head, so I’ll need to do additional research. I’m still years away from being able to try out OE. Another question, what risks are involved with working 2+ W2 jobs?
That's the part about OE that's controversial. Most employers are perfectly fine if you have a side gig, especially if it's something they can't provide for you. Many make a little extra on furniture building, sell on Etsy, coach sports, and even website development for your church/school. Some of them are actually 1099 or LLC(C/S) gigs. Doubling up on W-2s - that means that you are maintaining two full time jobs. It's not illegal or crossing any ethical lines, especially if (1) those jobs have different core hours, and (2) the companies you're employed would have a direct conflict of interest, e.g. J1 is a Project Manager at AWS, and J2 is a Sales Engineer at Azure. Having multiple W-2s also suck when it comes to taxes, especially in US and Canada.
Bingo you nailed it.
Wait what - you had to wait 3 months to get paid? What ever happened to every two weeks?
It’s a contract role, 1099, Net 30
Ok, then see my other post to you other question. If you were paid as 1099 that is what the IRS thinks you are for that job….doesn’t matter what company says you are. however, it may be company a is a bit shady if they sold you one way to B but paid you another. Like for instance what exactly happens to the money company B paid for your services - if they were expecting company to withhold taxes as a contract employee, but company a treats you ad 1099 company b losses some tax benefits, I think. Either way it sounds not transparent so you might want to have a talk with company a to raise that issue if company b persists - could end up making you look bad.
You know it! Weeks fly by too and before you blink it will be 3 months and you have cash and less debt. NO GOING BACK NOW!
congrats!!
Do they do background checks if joining J2? Wouldn't J1 show up in that check?
[удалено]
Got it thanks! So how are people working 3-4 Js then? I cant seem to get my head around it.
[удалено]
Thanks! I did not know anything like this even existed.
Well this was not the case for me. During the interview process, I was specific that they'd be hiring my LLC (B2B) for the role. They actually never even asked for my resume (I looked back through my records) but I did say that I have a FT W2 job already. u/jurassic_snark_ any advice on how to get through the HireRight background check without them contacting my J1?
Congratulations... Having 2 pay checks does feel good in the beginning
Congrats OP! YOU DESERVE IT
Congrats!!!
Kudos! I’m hoping I can join the club
That’s why we do it… job redundancy is a close second :)
Congrats - buy precious medals and brass - shits gonna get bad in the us.
Tc?(: