Also .... - sm Posted: Jan 21st, 2018 - 10:36 am In Reply to: Pretty easy to estimate what you need - sm
I know I need $16 an hour to pay my bills. I estimate I need AT LEAST an extra $4 an hour to pay my taxes and expenses at the end of the year.
You have to pay your own taxes, down time, vacation, health insurance, disability insurance, computer repairs, Internet, and you will NOT, under any circumstances, get unemployment if you are terminated/laid off/run out of work for any reason.
MTs, don't ignore these expenses! ICs should not underestimate their expenses and taxes. This is a very real issue. Don't wait to find out you owe 2 or 3 thousand in taxes at the end of the year. Don't run into a 2-week long cyberattack issue with no pay!
You may like getting the full amount of your pay. You may like forgetting you have to pay taxes on that money, but you WILL have to pay taxes.
This job is not worth getting in trouble with the IRS!
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