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Yes, you can make more money. But you can also lose a lot. You keep your own hours, but you have no control over the ebb and flow of clients and revenue. Defenitely less security. Paying for benefits is a bitch.
First real job I ever had. Did some rough carpentry, painting, and floor finishing before that, though.
Sure. Owning a semi or duplex or such generally means the bank owns it, while the employer or landlord or such makes little or no income off it. Even once it's paid off, the owner will use it as collateral on another loan. No debate there.
I'll give you that one. Certain fields in construction have a significantly smaller class distinction than others though. Any field that requires a master's license to own a business will have owners that don't experience such a pronounced disconnect between themselves and the non office employees because they spent a minimum of 6 years doing that same work. Depending on the capacity that the owner's kid is working, his boss could be foreman and not his father, and done properly that should remove all class differences while on the clock. Granted, it doesn't look like milosz was part of the ground crew. I still maintain that he could be poor.In the end, the employer's son is the employer, while the employee's son is the employee. A perpetual class distinction.
i always assumed it was doing what you used to do for 50 hours a week and then spending an extra 30 hours a week doing all the stuff your old company employed whole departments to deal with, accounting, payroll, legal, tax etc etc etc
This thread has managed to not be on topic at all.
Paying for benefits is a bitch.
And wait until you get your tax bill. Self-employment tax sucks.Originally Posted by Dakota rube
Self employment tax in the US is 15.3%, right? (Pays for OASDI and Medicare) When you work for someone, your employer pays half of it. As a small business owner, I'm pretty sure one would have to pay both halves, but that one could deduct half on the Form 1040. Depending on your tax bracket and your state tax deductions, you could end up paying less than you would if you weren't self employed. Again, I'm not an accountant. Just dabbled in small business administration guide books. Someone correct me if I'm wrong.
If self employed ... you do indeed pay both "halves." And yes, you are allowed to deduct 50% ... but that's a deduction ... not a write off.