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Thanks. The state (or most states) tacks some on as well, right? If I was not self-employed my employer/client and I would be paying into Employment Insurance a
by DKnoll 8y ago
Thanks. The state (or most states) tacks some on as well, right? If I was not self-employed my employer/client and I would be paying into Employment Insurance and Canadian Pension plan as well, but I'm able to skip that as I own more than 20% (don't recall the exact percent they require for exemption) of the corp I work for. There is also 13% sales tax but I stack that on top of my hourly. I can claw back some of the sales tax by claiming the tax I paid on business expenses.
- froindt 8y agoOh yes, I was only covering federal taxes. To my knowledge, the general structure in most states doesn't matter. I don't know of any states where income taxes are partially paid by the employer and partially by the employee (like FICA).