Do independent contractors leasing pay more in taxes?

Tax time. So federal including state taxes is s3lf employment tax on top of that?. 15% self employment on top of 15% (30%)federal and on top of state??? So I'll pay more just being an independent contractor??!!!!


Yes there are a lot more deductions but still ic tax rate is higher than a company guy?

 

Yes,because when you are an independent contractor,you are the employee AND the employer,so you get stuck paying ALL the taxes.

 

Actually, pay being equal an IC will pay less taxes ... more so under the new tax laws.

 

And you pay all of the fica as well 15%

 

No, they make less than company drivers.

 

I don't know where people get their info but as an ic, you pay more taxes if you do it wrong. Write offs and deductions are important.

 

Oh yeah I have mad deductions. In fact I'm wondering at what point does irs audit you???

 

W
So what percent total am I gonna owe off my total taxable income after all deductiins?

 

Me thinks you should hire an accountant.

 

I have one