" (I'm sure it's also good advise to contact a good tax acct., in addition to lawyer when considering move to self employment.)"
Yes it is, but then don't forget to subtract their fees from your expected income as well. Wil Genovese On Thu, Nov 20, 2008 at 10:05 AM, Dakota Burns <[EMAIL PROTECTED]>wrote: > Thanks for feedback Jason. I forgot about the expected double FICA tax, > which essentially drops $100k income as self employed down to $92k, plus > other standard taxes. (I'm sure it's also good advise to contact a good > tax > acct., in addition to lawyer when considering move to self employment.) > > ~ Dakota > > On Wed, Nov 19, 2008 at 6:35 PM, Jason Fisher <[EMAIL PROTECTED]> wrote: > > > I'm sure that others will be able to provide more specific responses, but > > my primary advice to friends and family who contemplate a move to solo / > > consulting as primary income is to remember the impact of covering all > your > > own FICA taxes (Social Security and Medicare) and your own health > insurance, > > which can be quite rough. FICA alone will run you an additional 7.65% on > > top of your current marginal tax rate. > > > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-talk/message.cfm/messageid:315691 Subscription: http://www.houseoffusion.com/groups/cf-talk/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.4
