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0 pointsmetalliqaz6y ago0 comments

It does not.

0 comments

lr6y ago

Not to mention that, as a contractor, they have to pay SS and Medicare payroll taxes, which total an additional 7.65%. So, that $20/hour, given the overall expenses, is probably not even equivalent to the new NYC minimum wage of $15/hour.

fucking_tragedy6y ago

FICA tax rate for self-employed under $128k/yr is 15.3%. Effective tax rates for self-employed workers can reach close to 50%.

mattkrause6y ago

50% total, or 50% marginal? There’s a world of difference between the two....

2 more replies

smileysteve6y ago

I think they meant this comparatively, as opposed to absolutely.

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