This downloadable provides a comparison checklist for healthcare professionals to understand the trade-offs between W-2 employment and 1099 contracting.

Here’s a breakdown of the key information:

• RouteFin’s Mission: Founded by Amirra (pediatric occupational therapist turned financial coach) and Mazi (certified registered nurse anesthetist), RouteFin aims to provide financial guidance for healthcare professionals who often feel overwhelmed by their finances despite demanding careers. They focus on confidence, clarity, and care, offering a curated financial hub with trusted experts, personalized tools, and community support.

• W-2 vs. 1099 Basics:
  • W-2 Employee: Taxes are automatically withheld by the employer. Benefits often include health insurance, PTO, and retirement matches. Covered by unemployment and workers’ compensation in most cases. Paychecks arrive “ready to spend.”
  • 1099 Contractor: You handle your own taxes (income tax and self-employment tax). No default benefits; you purchase your own. Not typically covered by unemployment or workers’ compensation. Offers more flexibility over pay rates, scheduling, and write-offs.

• Comparison Checklist: The checklist compares W-2 and 1099 offers side-by-side, covering categories like:
  • Hourly/Salary
  • Expected weekly hours
  • Estimated monthly gross pay
  • Taxes withheld (auto-withheld for W-2, estimate 25-30% set-aside for 1099)
  • Health insurance
  • Retirement (employer match vs. self-contribution)
  • PTO value (0 for 1099)
  • Disability insurance
  • Workers’ comp coverage (included for W-2, not for 1099)
  • Unemployment eligibility (yes for W-2, no for 1099)
  • Other benefits/costs (CEUs, mileage, licensing)
  • Estimated monthly take-home

• Action Plan: After comparing options, It also suggests a “10 Minute Action Plan”:
  • Price the gap (estimate replacements for lost W-2 benefits).
  • Tax plan (pick a set-aside percentage for 1099 income and set up auto-transfer).
  • Protections (research disability insurance and set an emergency fund target for 1099).
  • Paperwork (set up simple bookkeeping and reminders for quarterly taxes).
  • Decide for this season (pick W-2, 1099, or a mix, and schedule a 3-month review).

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