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I get paid on a 1099 as well. I am not sure that switching to S corp will save anything, if only it will rise the costs as i would need to pay for that service.
In my case, I pay a lower bracket in taxes compared to my income v full time check. I am pretty happy on a 1099.
It strikes me that people complaining about a 1099 simply don't know how to process one
Good luck finding a decent job with benefits in America today. Majority of JOBS created since 2008 are low paying service jobs. Many Americans had no choice but to apply for Food Stamps and other social programs just so they can keep up with housing costs, rents are sky rocketing across America, home prices have been inflated again, food cost is up, education and healthcare cost.
We have record number of Americans on Food Stamps. What a great recovery this is. Something to be proud off, right?
You know what Du Pont, the guillotines are being sharpened in many places. The Fed has a lot to think about.
you are aware it us down over 750K over the last year right.?
you are aware it us down over 750K over the last year right.?
Rising: Food Stamp Beneficiaries Exceed 45 Million for 50 Straight Months
Recipients outnumber population of Canada
9/8/15
"The number of beneficiaries of the Supplemental Nutrition Assistance Program (SNAP), otherwise known as food stamps, has exceeded 45 million for 50 straight months, according to data released by the Department of Agriculture (USDA).
In June 2015, the latest month for which data is available, there were 45,510,153 beneficiaries of the food stamp program, an increase of 14,869 between May and June.
Beneficiaries of this program now exceed the population of Canada, which totals 34,834,841, according to a widely used source for such figures."
We have more Americans on Food Stamps then entire population of Canada.
This is disgrace. We need to cut housing cost in half. Overpriced housing and overpriced rents are killing our economy. Americans today need welfare support just so they can keep up with housing inflation.
you are aware it us down over 750K over the last year right.?
Quote:
Originally Posted by Dr. Kevin
Rising: Food Stamp Beneficiaries Exceed 45 Million for 50 Straight Months
Recipients outnumber population of Canada
9/8/15
"The number of beneficiaries of the Supplemental Nutrition Assistance Program (SNAP), otherwise known as food stamps, has exceeded 45 million for 50 straight months, according to data released by the Department of Agriculture (USDA).
In June 2015, the latest month for which data is available, there were 45,510,153 beneficiaries of the food stamp program, an increase of 14,869 between May and June.
Beneficiaries of this program now exceed the population of Canada, which totals 34,834,841, according to a widely used source for such figures."
We have more Americans on Food Stamps then entire population of Canada.
This is disgrace. We need to cut housing cost in half. Overpriced housing and overpriced rents are killing our economy. Americans today need welfare support just so they can keep up with housing inflation.
We need to raise interest rates now!!!
Simple Question. It can be answered yes or no. Or I suppose you can claim unaware status.
Simple Question. It can be answered yes or no. Or I suppose you can claim unaware status.
Numbers fluctuate month to month, year to year but it's not changing the FACT that we have record number of Americans on Food Stamps.
This is mostly because of overpriced housing costs, overpriced rents and mortgages.
We need to cut housing prices in half. It's killing our economy. Too much money is allocated towards overpriced housing and Americans need Food Stamps now to buy food.
I get paid on a 1099 as well. I am not sure that switching to S corp will save anything, if only it will rise the costs as i would need to pay for that service.
In my case, I pay a lower bracket in taxes compared to my income v full time check. I am pretty happy on a 1099.
It strikes me that people complaining about a 1099 simply don't know how to process one
I don't think I like the attitude of the OP !
I make about 200k a year and my effective income tax rate ranges from 8-10% and I only suffer payroll tax on 40k of it.
Numbers fluctuate month to month, year to year but it's not changing the FACT that we have record number of Americans on Food Stamps.
This is mostly because of overpriced housing costs, overpriced rents and mortgages.
We need to cut housing prices in half. It's killing our economy. Too much money is allocated towards overpriced housing and Americans need Food Stamps now to buy food.
SNAP benefits peaked at 47.6 million in 2012. It's down about 2 million to 45.7 million. So the FACT is that we do not have a record number of Americans receiving SNAP benefits.
I'd love to hear the logic that causes anyone to conclude that housing costs are the reason why people are part of the working poor.
The rest of us think that the working poor lack the 21st century job skills that would allow them to earn a living wage. Pick your reasons why that has happened. Born stupid. Born in the bottom quintile with a crap environment, often to a single parent household. Single mothers, the sure-fire express ticket to poverty. There's not much you can do for somebody who was born stupid. Forest Gump makes minimum wage bagging groceries and that will never change. For most of the rest, we have an entrenched societal problem that needs to be addressed.
I make about 200k a year and my effective income tax rate ranges from 8-10% and I only suffer payroll tax on 40k of it.
All legal too.
Like I said, a great decision.
Must be nice. W2 people like me have nowhere to hide. My effective Federal income tax rate was 23.9% for 2014 on a bit more than that. Then tack on 1.45% for Medicare and my half of maxed out FICA.
I get paid on a 1099 as well. I am not sure that switching to S corp will save anything, if only it will rise the costs as i would need to pay for that service.
In my case, I pay a lower bracket in taxes compared to my income v full time check. I am pretty happy on a 1099.
It strikes me that people complaining about a 1099 simply don't know how to process one
I don't think I like the attitude of the OP !
If you're in NJ (which I assume based on your posts in the NJ forum), you can save a lot in taxes by forming an LLC Partnership (assuming you're married). Don't bother with an S Corp.
The biggest benefit is that you can max out your 401k to the limit of $53,000. This means that you don't pay taxes on that $53,000 upfront.
I get paid on a 1099 as well. I am not sure that switching to S corp will save anything, if only it will rise the costs as i would need to pay for that service.
In my case, I pay a lower bracket in taxes compared to my income v full time check. I am pretty happy on a 1099.
It strikes me that people complaining about a 1099 simply don't know how to process one
I don't think I like the attitude of the OP !
Largest gripe about 1099 is that recent changes to tax laws have sent the IRS out checking to make sure more employers are sending them in.
In our neck of the woods it isn't uncommon to have IRS working a building or street doing random audits. One of the first things they look for are payments to various persons or whatever that should have a 1099. No one needs that kind of heat so they start making telephone calls/emails basically saying either you fill out and return 1099 or we stop doing business with you. That and we still will report anything we know to the IRS.
For many this sort of stinks because they have been running various businesses from home or whatever but haven't been paying estimated quarterly or any taxes for that matter. Which is why the laws were changed and the IRS is now checking up....
A 1099 functions the same as W-2 in these situations; the federal government is now aware of reported income. Only a fool would now fail to file....
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