And don't forget those extra taxes, too. - Wondering why also. Posted: Apr 27th, 2016 - 4:52 pm In Reply to: What's so funny is everyone accepting $.07 a line - as an IC with Nuance work
There's that 8% or so that is extra because it is the employer's half of social security taxes and there is NO WAY, even if you itemize deductions, that you can deduct your way out of those. You have to figure self-employment tax and add it in near the bottom of the 1040. On a puny $20,000 per year, 8% more becomes another $1600 you have to fork over. Over and above another $1600 that would be your portion of social security. And on 4 cents a line, that is not worth it. I wouldn't do it. At least those are paid with Nuance -- by THEM.
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