Time for another exciting episode of "Ask LJ!"

[tcepsa]

I've recently been contacted about a job opportunity that seems to have a lot of potential in it. However, to get involved with it I would probably need to become an independent contractor. This is a rather daunting prospect to me, because it carries with it so many unknowns (and some of the things that I do know are pretty daunting as well ;) I'm trying to figure out whether it would be a good fit for me, what kind of a pay raise I'd actually be getting in terms of money that would go into my pocket instead of Uncle Sam's, and overall whether the stresses involved would outweigh the benefits.

So my questions are along the lines of...

How different are the taxes (i.e. is the tax rate the same and I just have to make sure I do my withholdings right myself, or will I be taxed differently simply by virtue of being self-employed)?

Would I need to start my own business (Tcepsa's Troubleshooting, Inc.) or can I just jump in and do it?

Any recommendations of good lawyers (or whomever it is that people go to for help with stuff like this)?

Any other pieces of advice for someone considering this route?