Ah, freelance work. So freeing! Glamorous! Lucrative!
Ha. Fucking expensive is what.
I was shocked at my tax bill, especially considering I made, oh, about $10K less than I did in 2006 and had massive deductions for health insurance, until someone reminded me that I don't have an employer to pay Social Security taxes for me. Oh, right. Well, fuck me, then.
I sent big checks yesterday, and still only paid about 1/3 of what I owe. Woo.
Posted by thevieve at April 16, 2008 10:03 AMAren't you already paying Self Employment Tax along with your filing? If you're paying SE Tax then you already have social security and medicare covered.
[irs]The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).[/irs]
Posted by: Andrew Smith on April 16, 2008 10:53 AMDude, I have no idea. My uncle (a CPA) did my taxes for me. Definitely owed more than 15.3%, though. I wish the IRS info I tried to decipher wasn't the equivalent of Sanskrit.
Posted by: vieve on April 16, 2008 11:05 AMRight - the SE Tax is just part of the overall tax you file in addition to Federal and State estimated payments each quarter. I'm just trying to make sure you're not double paying, but clearly if your dudebro is a CPA, he knows much more than I about such matters.
Damn the man, Genevieve, damn the man.
Posted by: Andrew Smith on April 16, 2008 2:29 PMI had to pay taxes this year. You know how little I make. It's ridiculous. But they wants my monies.
Posted by: Bookdwarf on April 16, 2008 4:22 PM