Hello, figured I'd ask for some advice from all of you with a much better knowledge of this than me. I work in the marine industry and have a part time working wife who makes negligible money, and two small children. Advancement classes for my industry are a necessary evil and are 1-4wks long and at a large cost (around $17k for this next set).
Current job, $60k a year, regular rotations, company is union, monthly medical fees are paid by the union, travel is paid for. Company will pay for advancement classes, but availability may be extremely hard, and they won't pay me to attend them. All taxes are handled like any other company.
New job, Once in a lifetime opportunity in a different aspect of the industry. Possibly $80-90k or a bit more, rotations are as steady, would be self employed contractor, advised to form my own LLC to help with deductions, independant medical would be $900 a month for family, ALL work related expenses are fully reimbursed (travel, hotel, car, luggage, etc). They will pay for my advancement classes as well as pay me 2/3 of my daily wage to attend.
I know I would need to pay self employment tax and income tax if I took the new job. But, unsure of the exact financial costs. Don't want to take a great opportunity and end up worse off because of all the tax liability, medical, etc. Saying that the new job wants to have me further my education and licensing as much as possible and will pay for all of it. Thanks for any advice
Submitted December 10, 2017 at 06:26AM by FunTimeAnon http://ift.tt/2AIaADR
