undefined | Better HN

0 pointsmetalliqaz7y ago0 comments

It does not.

0 comments

4 comments · 1 top-level

lr7y ago· 3 in thread

Not to mention that, as a contractor, they have to pay SS and Medicare payroll taxes, which total an additional 7.65%. So, that $20/hour, given the overall expenses, is probably not even equivalent to the new NYC minimum wage of $15/hour.

fucking_tragedy7y ago

FICA tax rate for self-employed under $128k/yr is 15.3%. Effective tax rates for self-employed workers can reach close to 50%.

mattkrause7y ago

50% total, or 50% marginal? There’s a world of difference between the two....

2 more replies

smileysteve7y ago

I think they meant this comparatively, as opposed to absolutely.

j / k navigate · click thread line to collapse