I was curious about that as well. Right now I am doing 1099 and making my quartly payments. I figure about 35% of my income towards taxes. When I look at my paychecks I feel like a rich man, too bad once I pay taxes(on my own) and deal with medical and so on, I am not really clearing a ton of money. :(
On 4/29/05, Jeffry Houser <[EMAIL PROTECTED]> wrote: > > I budget 40% of all my income for taxes. Basically, 33% to the > government plus an additional 7% (I think that is the "employers" portion > of Social Security). > > Michael, I'm very curious as to what type of deductions you are taking as > a W2 employee that eliminates your tax burden, vs what you are taking as a > contractor. Do you just mean as a W2 they take out money each paycheck, > whereas w/ a 1099 you have to pay quarterly (on your own)? > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Logware (www.logware.us): a new and convenient web-based time tracking application. Start tracking and documenting hours spent on a project or with a client with Logware today. Try it for free with a 15 day trial account. http://www.houseoffusion.com/banners/view.cfm?bannerid=67 Message: http://www.houseoffusion.com/lists.cfm/link=i:11:2449 Archives: http://www.houseoffusion.com/cf_lists/threads.cfm/11 Subscription: http://www.houseoffusion.com/lists.cfm/link=s:11 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.11 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
