What are the tax implications of being an independent contractor?
by 
Answerbag Staff
ANSWERS: 1
-
I'll give a quick brief, but you also may want to be completely certain that your work falls under that heading with the IRS. There is criteria to "independent contractor" under IRS regulations. The tax implications as an independent contractor means that you are self-employed, and you will be taxed similar to a sole proprietor, which also means that you will be matching your own social security taxes because you are your own employer. (Employers match social security taxes and the like) I'm guessing you will be putting in an extra 7%-8%. This is "off the cuff" for an answer. I am sure an accountant can give you a much more thorough answer.
RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC