Why is it that most contractors need to pay taxes to the IRS?

The average percentage of your taxes withheld is 15% from your monthly salary. If you work as Self-Employed, and you receive your payment in cash, there is no withholding being removed, for Federal, State, Social Security, or Medicare taxes. These four withholding payments are required for all employees who work in the United States.

All inquiries, estimates, tax return reviews from previous years, and ITIN applications for you and your family are free. Click here to make an appointment with Zigma Tax Service Today or call 757-454-6120.

 


Category: Self-employment