Fiddy Insurance scams.
Quote:
Originally Posted by Robbie
I will bow to your knowledge of that. As I have never been an employee of anyone and always ran my own business.
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I have been both an employee and have run my own business, sometimes both at the same time.
Currently I work for myself and have worked only for me for the past 3 years.
Last time I was an employee I was making 100k/year. We got paid every 2 weeks so that was 26 pay periods. So each pay period I grossed $3846.00. From that, my take home was $2650.00 (before my 401K contribution) every 2 weeks. So, every 2 weeks I saw 1196.00 removed from my pay check to cover Fed withholding, Social Security, Medicaid and Insurance. That was 31% of my pay going to my 20% of insurance (covering just me) and the various taxes. In addition to that we carried a private insurance policy for my wife and daughter that cost me about $500/month. I did private because it was cheaper than it would have been going through my employer. The company was only 25 employees and there had been someone with cancer covered so the premiums we were paying were sky high.
As self employed, with self employment taxes and income taxes we pay about 30% each month. Then on top of that I am carrying a bronze plan for insurance that costs us about $400/month and is essentially worthless because of the high deductible. I also still have my daughter on a separate private plan that costs another $185.00/month,
Not much difference except that I write the check instead of someone else. believe me I knew exactly how much tax and insurance was costing me through out, didn't matter whether I was employee or employer, it is still coming out of my pocket and I am well aware of it.
And no, I do not get a Fed tax refund, I always owe.
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