Consultant pay

[Pex]

As a consultant I am required to file my own taxes.


What other taxes are there besides the "self-employment tax" which consists of SS and medicare? thats only 15.3%. I thought it was at least 35% of gross income.

ahh does this list seem accurate?

federal income tax
state, and sometimes local, income taxes
Social Security and Medicare (FICA) taxes
federal and state unemployment taxes
state disability insurance taxes

 

Originally posted by: Pex
As a consultant I am required to file my own taxes.


What other taxes are there besides the "self-employment tax" which consists of SS and medicare? thats only 15.3%. I thought it was at least 35% of gross income.

you're a consultant, find someone to do it for cheap
everyone knows consultants don't work

 

[Ogg]

Originally posted by: jntdesign

Originally posted by: Pex
As a consultant I am required to file my own taxes.


What other taxes are there besides the "self-employment tax" which consists of SS and medicare? thats only 15.3%. I thought it was at least 35% of gross income.

you're a consultant, find someone to do it for cheap
everyone knows consultants don't work

:thumbsup::laugh:

 

[Shockwave]

Originally posted by: jntdesign

Originally posted by: Pex
As a consultant I am required to file my own taxes.


What other taxes are there besides the "self-employment tax" which consists of SS and medicare? thats only 15.3%. I thought it was at least 35% of gross income.

you're a consultant, find someone to do it for cheap
everyone knows consultants don't work

Yes they do. They provide vague, smoke filled answers to a companies problem, which would cost the company twice what its budget is to implement.

 

[Pex]

:thumbsdown:

 

[Ausm]

Consulting is where I rake in the most cash on my on the side biz. A Consultant's earning is almost as lucerative as a Lawyer's.

Sysadmin

 

[Shockwave]

Originally posted by: Sysadmin
Consulting is where I rake in the most cash on my on the side biz. A Consultant's earning is almost as lucerative as a Lawyer's.

Sysadmin

I thought you had to actually KNOW something to be a consultant

 

[rh71]

Consultant's are seen as saviors to those companies who know little/nothing about their own IT/infrastructure. That's why they get paid so much... because the people there can't do it themself. Think of it as you helping your grandma.

I think all the consultant jokes are justified, but they are still important to companies.

 

[Pex]

jesus.....dont make this a flame war. Does anyone know the specific percentage rates for each tax? do they change or are they flat? im too lazy to google because im a consultant.

 

[woowoo]

Plan on 1/3rd for taxes

 

[Shockwave]

Originally posted by: Pex
jesus.....dont make this a flame war. Does anyone know the specific percentage rates for each tax? do they change or are they flat? im too lazy to google because im a consultant.

No no, as a consultant you refuse to use google as its based on current technologies. Being a consultant, you'd want to set up a new server with a new search engine that performed half as well as google, costing twice as much

 

[Ogg]

Originally posted by: Shockwave

Originally posted by: Pex
jesus.....dont make this a flame war. Does anyone know the specific percentage rates for each tax? do they change or are they flat? im too lazy to google because im a consultant.

No no, as a consultant you refuse to use google as its based on current technologies. Being a consultant, you'd want to set up a new server with a new search engine that performed half as well as google, costing twice as much

niceone

 

[Pex]

:thumbsup:

 

[Descartes]

You forgot payroll or income taxes depending on whether or not you're incorporated. I'm an S-Corp, so I have to pay payroll taxes through my company, and then income taxes on the K-1 I receive as a shareholder annually.

 

[Ausm]

Ok I will try to be nice...

Hire an Accountant.


Sysadmin

 

[Pex]

I actually live next to one and she said she would help me. PWOOWNED>