Jul 27, 2006 13:06
I start a new job on Tuesday of next week. $20 an hour, as an independent contractor - no taxes taken out. This year it won't matter as I've made almost nothing so far, but by next year if I decide to keep gong this way, I'll have to incorporate and set myself up as a business. Self-employment taxes are a bitch (both sides of SS and Medicare, 15%!), but with the right structure it will work out all right. Deductions and good record keeping are going to be key factors.
So after years of resisting being self employed, that's where I am after all. Maybe I should have taken the leap of faith sooner? Oh well, done is done.
I need to set up the corner of the dining room better, as that is going to function as my office. Meanwhile, I'm off to Tess's to work on a project at $30 billable per hour.