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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=nannydebsays][quote=Anonymous]Deb, you really should know better. Every IC charges appropriate fees to cover the additional expenses. They tend to make out quiet well, unless they're as uninformed as you are.[/quote] So you're arguing that an IC doesn't in fact lose 2 times as much money to SS/Med taxes? Or are you attempting to say that double the loss makes no difference since they charge more to "make up for" the extra tax hit? Either way, you are missing the basic math facts, which would tend to make you the uninformed person here. No matter HOW MUCH you make, if you have to pay double taxes, you are losing out.[/quote] Agree with Nannydeb. I mean sure, the nanny can double her rate so she can be an IC and have the higher rate make up for the extra taxes...but I imagine it is difficult for those nannies to find jobs if they are setting their wages at $40 an hour for $20[/quote] You don't need to imagine anything, as many of them are doing very well for themselves. [/quote] You're a looney tune. "Many" of them?? How many stupid nannies are running around calling themselves ICs charging inflated rates, besides you? What exactly is the benefit to classifying yourself this way? The government essentially charges you a self employment penalty. [/quote] Ask your CPA to educate you a bit. You'll be a new person.[/quote]
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