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Congrats! I don't think that's too generous. You've posted that you work and have significant savings. The risk is very low. And I'm sure you'll be very wise using it.
Tax liability belonged to your employer? Are you referring to the employer's portion of the FICA tax only?
No, I'm referring to employee vs independent contractor. My boss did his own books in the beginning, and did not set up a payroll system, so he paid us as contractors responsible for filing and paying our own taxes.
I could have demonstrated I was an employee, but decided that would be hazardous to my job. My time was billed to his clients - billable hours, whee! Somehow he considered himself as a sort of pass-through for those billable hours, so that he seemed to think reporting my wages was the responsibility of hos clients whom he billed for my hours.
I decided that the entire situation was messed up, that using the 'employee defense' to escape paying the self-employment tax could have only negative results, including exposing him to audits
Yes. It's 1% cash back for all retail, 2% for groceries, and 3% for gas.
That's the Cash Rewards card, which I used to have. If you have a BofA banking account, you get 10% more rewards. Enjoy the rewards and benefits, but don't overspend just to take advantage of the rewards. Good luck with your credit journey!
B of A approved me for an unsecured CC with a $1000 limit and no annual fee.
Are we getting into loosey-goosey credit days again?
Congrats, you are on your way!
I have that card as well. Groceries include Walmart (rare amongst cards giving a bonus for groceries, normally Wally is categorized as a discount or big box) And any in store purchase from convenience stores that sells gas counts as... gas.
As for the 10% extra if you have a checking or savings account, just setup auto-redemption into that account and you are good.
No, I'm referring to employee vs independent contractor. My boss did his own books in the beginning, and did not set up a payroll system, so he paid us as contractors responsible for filing and paying our own taxes.
I could have demonstrated I was an employee, but decided that would be hazardous to my job. My time was billed to his clients - billable hours, whee! Somehow he considered himself as a sort of pass-through for those billable hours, so that he seemed to think reporting my wages was the responsibility of hos clients whom he billed for my hours.
I decided that the entire situation was messed up, that using the 'employee defense' to escape paying the self-employment tax could have only negative results, including exposing him to audits
Many people have been through this, you still have to pay your taxes. Like Driller said earlier, you file a schedule C and take off your expenses to reduce the amount you owe. It's not like you didn't know what was happening, right? You're getting paid but no pay stubs showing taxes being deducted?
Maybe independent contractor status actually was correct anyway.
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