- July 16, 2008 at 10:23 pm #259995
It depends on if you are an employee or an independent contractor. As an employee they pay the taxes for you. An IE has to do it themselves every quarter.
The taxes are the exactsame no matter which way you do it. The only variable is who makes the depositof your earnings that are earmarked as taxes – You or the AP person at XYZ Corp. It is not hard to do at all. It only requires being able to figure very basic math equation with a calculator. I forget the exact percentage amount for FICA and Social Security. The only other thing you have to do is keep up with your expenses (office equipment, phone, utilities as they are all business expenses for your home office!)and making that deposit every 4 months. When you file your taxes it is a bit different because as an IE everything you spend to have $$ come in is a tax deduction. My advice is to meet with a tax person right away if you get a job as an IE but don't let that discourage you!!! It can be very beneficial to be an IE.
Jacqui C. in NE Georgia
On Thu, Jul 17, 2008 at 11:58 AM, cmboyd_1999 <email@example.com> wrote:
here's my question that would stop me from working at home… TAXES!
How bad are they if you work at home?
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