Posted on
May 16, 2008
at
1:21 am
Has anyone else filed as an independent contractor and found the taxes to be outrageous? Or is it just here in AZ? I am a mother of 4 and my EITC usually is a life saver at the end of the year however, this year being the first time filing in AZ and the first time filing as an independent contractor it didn't help so much.
Posted on
May 16, 2008
at
11:41 am
It's the same here in Oklahoma. The increase is in the federal tax (here), not the state tax. What most people don't realize is in addition to the income tax you pay on your salary, you're employer also pays taxes on your behalf. When you're self employed you now have to pick up that portion as well. Between the added taxes and health insurance challenges, it's not an easy step to take.
