Once again

Posted By: Patti on 2008-01-31
In Reply to: If I become an IC from SE, how much more.. sm - TNMT

You pay the same amount of federal taxes it is just not withheld from your check, you have to put it aside. You only pay an extra 7.75% for your social security or self employment tax -- the 15.25% is taxed on your NET income and not your GROSS. So for 7% more, I like being an IC and taking care of my own taxes as I have a more deductions, flexibilty and control over my time and taxes.

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If I become an IC from SE, how much more.. sm - TNMT
- Once again - Patti
- see link inside - sm
  - huh? - Bored IC MT
    - I think we're saying the same thing - sm
    - the link above - sm
    - IC - pay own SS; SE - employer pays half SS (NM) - AgingMT
      - Really Confused now - Bored IC MT
        Doh! I thought SE was statutory employee. Sorry! NM - AgingMT
        lol - jlo

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