MoneyRx for CRNAs
Go behind the scenes with host Brett Fellows, CFP®, as he explores the unique opportunities and challenges facing Certified Registered Nurse Anesthetists along the path to financial independence. In each episode, Brett shares expert insights and actionable advice, equipping you with the tools you need to take control of your financial destiny and retire on your terms.
MoneyRx for CRNAs
W2 vs 1099: What CRNAs Need to Know
Is a W2 salary always better than a 1099 contract? This episode of the "Money Rx for CRNA's" podcast, hosted by Brett Fellows, breaks down a critical career decision many CRNAs face. Using a framework for confident decision-making, the episode compares the real financial differences and tax implications between traditional W2 employment and independent 1099 contracting. It also helps CRNAs determine which path fits their career stage and personality.
Brett explores:
- The increasing trend of CRNAs working as independent contractors.
- The importance of comparing total compensation, not just salary versus hourly rate.
- The benefits of W2 employment, such as predictability, simplicity, and employer-provided benefits.
- The limitations of W2 employment, including fewer tax deductions and limited schedule flexibility.
- The advantages of 1099 contracting, such as higher earning potential, tax benefits, and schedule control.
- The responsibilities and risks of 1099 work, including self-employment taxes and income variability.
- A step-by-step example of how to compare a W2 and a 1099 offer.
- Red flags to watch out for in both W2 and 1099 arrangements.
By the end of this episode, you will have the tools to analyze any W2 versus 1099 opportunity that comes your way and make an informed decision based on facts, not assumptions.
Key Timestamps:
(0:00) Welcome to the podcast
(0:50) The big career decision: W2 vs. 1099
(1:10) Amy's hypothetical job offers
(2:40) The basics of W2 vs. 1099
(3:12) The increase of CRNAs as independent contractors
(3:53) The myth of comparing salary to hourly rate
(4:26) The benefits and limitations of W2 employment
(7:25) The benefits and responsibilities of 1099 contracting
(10:40) How to compare the two options
(12:48) Deciding which path is right for you
(13:25) A framework for decision-making
(14:00) How career stage and personality matter
(15:43) Red flags to watch for in both arrangements
(16:35) Your next steps
(17:37) Thanks for listening
For more information and resources related to this episode, please visit the show notes.