| if you know how long it should take, how much a hour do you need to make, remember as a self employed person, you are paying the full 15 percent "self employment" tax or what working people know as the social security tax. You will also have your normal federal and state taxes. So remember about 40 percent of what you take in, is paid out in government taxes. **** welcome to the world of self employed****
Also you have to understand you are not covered by unemployment, and will not have any insurance benifits, so if you need health insurance you will need to afford to pay this.
Also are you going to have any liablity insurance, if you are working there and knock over a computer, who is going to pay for that, or if you do something and set the building on fire and so on.
Just some things to think of. I have seen too many contract workers, work for what they though was good money till end of the year and they they find out they owe 1000's in taxes. |