Let’s suppose you’re in Notice but are told you’re done. In theory you can’t work during Notice at the risk of severance forfeiture. But, if you get a contracting gig on the down-low how can/does the borg even know?
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You have these choices if working a contract. 1099 are reported annually. So you should have no problem.
Your 1099 employer reports quarterly not annually. Annually you but quarterly to the IRS and SSA. You need to submit quarterly earnings reports and send in taxes on each quarters earnings. Otherwise at the end of the year you will owe penalties for not withholding taxes in the quarter earned.
Per gemini: Prompt: Could I start working for the company on a "trial basis" and have them defer my start date? Could I have them defer my pay? The new company may be open to me being an independent contractor.
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Here's a breakdown of your options:
Trial Basis and Deferred Start Date:
Trial Basis: This might be a tricky proposition. Legally, a trial period often implies employment, even if unpaid. This could still violate your notice period with WF and jeopardize your severance.
Deferred Start Date: This is a more viable option. Discuss with the new company if they'd be willing to push back your official start date to July 1st. This ensures you fulfill your notice period and secure the severance.
Deferring Pay:
Legality: This could get complicated. Labor laws typically require employers to pay employees for work performed. Deferring your entire paycheck might not be legal depending on your location.
Independent Contractor:
Pros: If the new company is open to this, it could be a solution. As an independent contractor, you wouldn't be considered an employee, potentially avoiding the notice period conflict.
Cons:
Taxes: As a contractor, you're responsible for self-employment taxes (Social Security and Medicare) which an employer typically covers for employees.
Benefits: You wouldn't be eligible for employee benefits like health insurance or paid time off.
Important Note: There are strict guidelines defining independent contractors vs. employees. Ensure the work arrangement genuinely qualifies as independent contracting to avoid legal issues.
Recommendation:
Negotiate with the New Company: Discuss your situation openly with the new company. Explain your notice period and severance concerns. Explore options like:
Deferred Start Date: See if they'd be comfortable pushing back your official start date.
Independent Contractor: Discuss the possibility of working as a contractor (understanding the tax and benefit implications).
Additional Tips:
Review Contract with WF: Double-check your contract for specific clauses regarding working elsewhere during your notice period.
Consult an Employment Lawyer (Optional): If your situation is complex or you're unsure about legalities, consider consulting an employment lawyer for personalized advice.
Remember, open communication is key. By being transparent with the new company, you can explore solutions that work for both parties.
So is The Work Number the only service WF could check and even then your new employer would have to publish to it? I don’t see how an ADP (mentioned in this thread) would provide this service and even then what if employer 2 uses Paychex?
Who says you can't have multiple jobs at the same time in USA? As long as you don't share one companies proprietary information with the other company, I don't see a reason why you can't start the other job. Check your HR documents to see if it says anything about another job.
All your pay information goes thru ADP with wells, same as thousands of other companies -- that's how they know.
You have these choices if working a contract. 1099 are reported annually. So you should have no problem. The bank won't know you started the job or not.
If you will be on the payroll at your new company. Just ask HR to defer and accrue your wages, taxes for two months (or whatever number of weeks between date of hire and end of severance). Call it a trial basis.
Or just go for it. I don't know how sensitive the reporting service is (quarterly, yearly).
Allegedly Wells pays a third party to look for stuff like this.
I’m not going to risk it, but I do wish I could take some sort of small job because I’m so BORED.
Why would anybody risk it? Take a 60 day vacation and get your things in order. With hiring being what it is these days it can easily take 60 days to get interviews etc sorted and a job offer.
Get another job and work both at the same time, especially if you are remote. They will not find out if you keep it to yourself.
Freeze your The Work Number account and freeze your credit reports from all three agencies.
I think most of us just wouldn't want to risk it.