I just won't do it. - Mainly because of the taxes. Posted: Oct 22nd, 2016 - 5:53 pm In Reply to: Oops -- - OverandOut
Even if all you make is $20,000, every quarter you have to forward both the employer's AND your own social security taxes. I am not sure of the exact rate, but it's somewhere around 17.2 percent for both. Multiplied by $20,000, it's $3,440.00 per year. That's a LOT of money when all you get is $20,000 per year. And you can't deduct your way out of it, either. Your GROSS INCOME is multiplied by 17.2% even if you had enough deductions so that you were not paying any income tax!
Post A Reply Reply By Email Options
Complete Discussion Below: (  marks the location of current message within thread)
|
