# What does "contract" mean?



## LoveAndLight (Oct 19, 2013)

I just took a remote entry-level position with Verisk and I'm on a 4 month contract. Can you explain how "contracting" works?
Thank you so much!!
Jenny


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## mitchellde (Oct 19, 2013)

They should have provided an in writing "contract " which outlines the details of your working relationship.  evnt the small stuff as to how you will be paid and how often , is it direct depost etc.  How many records to they expect in what time frame, In otherwords .. all the details.  If you do not have a written contract how are you going to know what to expect and what to hold them to.  That is a contract... and your are more than likely considered self-employed which should also be detailed in the contract, so you will receive a 1099 for filing taxes.  Or are you a salaried employee and if so then what are the expectations.


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## LoveAndLight (Oct 20, 2013)

mitchellde said:


> They should have provided an in writing "contract " which outlines the details of your working relationship.  evnt the small stuff as to how you will be paid and how often , is it direct depost etc.  How many records to they expect in what time frame, In otherwords .. all the details.  If you do not have a written contract how are you going to know what to expect and what to hold them to.  That is a contract... and your are more than likely considered self-employed which should also be detailed in the contract, so you will receive a 1099 for filing taxes.  Or are you a salaried employee and if so then what are the expectations.



Thank you! I will be paid hourly. One more question, should I seek a new job while still employed? In other words, will I be out of work in 4 months because my contract will be done?


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## Barbara Wilson (Oct 20, 2013)

*Answer to your Question*

You will be out a job in 4 months because that is what contract coding is.  During periods of heavy coding need - now- you will be working as much as you need.  If you said you would work 40 hours make sure that you do that because contract companies are very picky with that.
If it were me, I would continue searching for a job, but work this one so you are getting paid and gaining experience.  This job is doing HCC Coding which is using ICD-9 codes.  Make sure to get all the details on how many records you are required to complete per hour, what the error percent will be because that is very important as well.
Some companies provide you a computer to work on the system so make sure you ask that as well.  Did you fill out W-2 forms?  If so, then you are not working as a 1099 coder, and you will be paid with taxes taken out.  If you did not fill out any W-2 forms (State or Federal) then you are a 1099 employee and you will need to claim at the end of the year.

Good luck to you.  Hope I helped with some of your questions.


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## LoveAndLight (Oct 21, 2013)

Barbara Wilson said:


> You will be out a job in 4 months because that is what contract coding is.  During periods of heavy coding need - now- you will be working as much as you need.  If you said you would work 40 hours make sure that you do that because contract companies are very picky with that.
> If it were me, I would continue searching for a job, but work this one so you are getting paid and gaining experience.  This job is doing HCC Coding which is using ICD-9 codes.  Make sure to get all the details on how many records you are required to complete per hour, what the error percent will be because that is very important as well.
> Some companies provide you a computer to work on the system so make sure you ask that as well.  Did you fill out W-2 forms?  If so, then you are not working as a 1099 coder, and you will be paid with taxes taken out.  If you did not fill out any W-2 forms (State or Federal) then you are a 1099 employee and you will need to claim at the end of the year.
> 
> Good luck to you.  Hope I helped with some of your questions.



Thank you! I haven't, as of yet, filled out a W-2. I have done the I-9 and the paper work said I will need to fill out a W-2 but I haven't received it yet.


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## zanalee (Oct 23, 2013)

means the project you were hired for will only last for 4 months, usually these position are called PRN= whenever needed.


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