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Medical Society Services Inc. (For profit subsidiary of Medical Society of DC) neither recommends nor endorses this service, which is provided as a benefit to our members. Medical Society Services Inc. (For profit subsidiary of Medical Society of DC) is not responsible for the success of this third-party service.
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About MyW2Employer for Contract Professionals
MyW2Employer enables you to get all the benefits of being a full-time employee AND retain all the benefits of self-employment!
MyW2Employer provides contract professionals with the following advantages:
- Increased marketability -A low 5% administrative fee so you can take home more money at competitive bill rates. (see Rate Calculator)
- More take-home pay - Instead of paying self-employment tax with no wage limit, W-2 contract employees pay FICA tax with wage limits.
- Reduced administrative tasks - MyW2Employer takes care of all the human resources tasks associated with running your business. We'll handle your client invoicing/collections, manage your benefits programs, and process payroll for you.
- Improved benefits and Services - MyW2Employer provides you with a comprehensive suite of benefits and services that lowers your client's risk of non-compliance and provides you with quality products.
How does it work? If you choose to use the MyW2Employer program, you will be a contract employee of MyW2Employer for tax and liability purposes, but in all other respects you will function as an independent contractor/consultant running your own business.
Why is your employee status important…
…for your clients?
- Your status as a contract employee of MyW2Employer means that your potential clients do not have to worry about the IRS changing your status from contractor to full-time employee - as has happened in several recent high-profile lawsuits.
- MyW2Employer provides your workers compensation and liability coverage.
…for you?
- As a contract employee of MyW2Employer, you retain full control of your independent contractor/consultant business as you would on your own; however, you no longer have to worry about arranging for benefits, managing client billing/collections, and other administrative functions, such as complicated tax and reporting details - MyW2Employer takes care of all that for you and sends you a W-2 form at the end of the year for easy tax filing.
- As a contract employee of MyW2Employer - rather than being self-employed or a temp - you are at a distinct advantage when applying for home or auto loans, you receive continuous healthcare coverage, and you don't have to constantly manage rollovers of your 401(k) savings.
- MyW2Employer offers better benefits than are typically available through agencies and can save you money over arranging your benefits independently.
- You can potentially earn a higher wage with MyW2Employer than with recruiting firms or agencies while reducing the cost to your client. MyW2Employer's administrative fee is only 5% compared to the 20% or more assessed by most agencies.
Already working with a recruiting firm or agency? We encourage you to compare benefits and costs.
Use our online Rate Calculator to find out how much MyW2Employer can increase your take-home pay - in many cases the difference is thousands of dollars a year.
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