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      As an independent contractor you pay 15.3% for SS/Medicare. BUT you get to deduct 7.65% on the first page of your taxes. You still end up paying a little more, but for the flexibility and income-making opportunity you gain, it’s a worthwhile trade-off! AND as an independent contractor, you can write-off business expenses like supplies, space in your house (the percentage of footage devoted solely for your business), and a percentage of your utilities, taxes, etc. Consider the amount of money you save on gas because you’re not commuting, and you’re way ahead. It can be hard to get used to not keeping all the moneyyou get from customers, but if you treat it like a paycheck and put a certain percentage away each time, it gets easier.

      My husband has been self-employed for 22 years, and I have been self employed for 4 years. The benefits far outweigh the extra taxes and uncertainty about how much money we’ll have each month. We work hard, build our businesses, and enjoy our lives. We work long hours sometimes – you work when the work is available! But the payoffs are well worth it.

      Tonya

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