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Subject:Re: 1099 vs Incorporation Pros &* Cons From:wayne menke <wdmenke -at- worldnet -dot- att -dot- net> To:"TECHWR-L" <techwr-l -at- lists -dot- raycomm -dot- com> Date:Mon, 08 Jan 2001 19:12:38 -0500
Michele Davis wrote:
> As an indy you pay taxes on the whole amount you earn, even the amount deducted
> for social security, then you pay social security. So for me, I pay 30% to the
> IRS on my social security then I pay my 15.2% of social security. As a
> corporation I would not do that.
There's really no difference here. Your corporation (your money) pays 7.65%, and so
do you, for a total of 15.3%. Your corporation gets a writeoff of 7.65% as an
expense.
As an independent, you pay both halves, but get an adjustment to income for one of
those halves.
Wayne Menke
Mendem Concord, Inc.
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