TRUMP SUPPORTERS ONLY...others don't read

[billryan]

notes said he worked in the financial industry but when I tried to explain the many benefits an independent contractor has over an employee, he was clueless. Six months later, it seems he still doesn't understand why people chose to be self-employed. Like many who turned down the job, he seems obsessed with having to pay FICA while overlooking the veritable treasure trove of savings that come with it.
At least he is consistent. He was wrong then, and he is wrong now.
By the way, you never did tell us how many jobs you have created, or how many businesses you ran? How many people have you hired, or even supervised?

[notes1]

a treasure trove of benefits for the independent contractor, huh?

-they must pay both sides of the social security tax
-an independent contractor is unlikely to get employer paid health insurance
-no employer paid life ins
-no employer paid disability insurance
-no employer paid retirement benefits

as you are soooo smart, what are the benefits of being independent rather than being an employee.

[billryan]

An independent contractor generally makes more per hour, since they save me a good bit.
ICs can write off their clothing as a business expense. They can deduct transportation costs. They can deduct the cost of parking, which is huge in NYC. They can write off haircuts, in some cases they can write off breast implants. Can an employee do any of that?
ICs are eligible to join trade associations that can provide health care cheaper than a small business like mine is capable of getting. They also can keep their own insurance as they leave the job. I have friends that have not worked for me in years that still get low cost insurance through their trade association. As long as they pay dues and the monthly premium, they are covered.
They don't have taxes withheld from every paycheck. Getting 30% extra in your paycheck goes a long way. Instead they file quarterly.
One of the biggest advantages is the SEP program. An employee can put about 5,000 a year into a regular IRA. An IC can put multiples of that into his SEP accounts. It's been a few years so I don't know the exact amounts. A person making $100,000 can defer taxes on almost half his income and have other deductions worth tens of thousands.
Getting a bit deeper, an IC can legally hire his spouse and family members to work for HIS business, creating more opportunities to put money away tax-deferred.
An IC making $100,000 who takes full advantage of his tax status pays less in annual taxes than a $60,000 a year employee and will have a much nicer retirement plan.
It's not for everyone but if you want to be a drone and have someone else pickup your half of FICA, there are still lots of places hiring them.
I've never figured out why so few people open their own business's, even just as a side venture.
My guess is they are too lazy, or getting bad advice.

[notes1]

what a line of Bs. IC's might make a little bit more, but let's see if it adds up;

let's just use your $100,000 income example. the employer would pay 7.65% in social security taxes, that saves the employee $7650/every year. according to kaiser foundation, average cost of health insurance is about $5000/year. according cnbc.com, the average 401k match is 4.7% per year. on $100k, that is an additional $4700, every year.
-the average worker does not live in nyc..you don't, and the average worker pays next to nothing to park.
-putting more money into a sep-ira, only delays the taxes being due. does not eliminate them.

so, the average employee, earning $100k per year, would garner additional NON TAXABLE dollars of about $18,000, over that of a independent contractor. and, it could be more after adding in life and di insurance, along with dental coverage.

that is why you are and always will be a wannabee. you think about deducting haircuts and your breast implants.

still makes you a tight a$$ for not treating your workers as employees.

[billryan]

The first $25,000 of business income is 100% deductable, so you start with $75,000, knock off the max retirement and then hit them with the deductions.
AS I've said before- why do you try to twist facts. You know my business's were all in NY. You've brought it up repeatedly, but now you forget it. Off street parking in Queens is $10 or more. $25 in Manhattan.
As far as the other figures go, they still smell of where you pulled them out of.
I realize you are all into Nixon era rhetoric, but the tax codes have changed since the 1960s. If you aren't honest enough to admit that growing money tax deferred for thirty years or more isn't a game changer, I have to question if you can be honest about anything. I'm sure you are up on the latest rules on borrowing on your on plans, right?


The difference between you and I on this is I have over twenty years of actually owning and running multiple business operations. At one point we had over 100 shifts a week to fill and had some great accountants.
You have what again? How many clubs did you own, manage or even book keep for? Have you ever owned a business, any business? How many jobs have you created? It seems you've been asked all this before, no?

[billryan]

Ah, the good old days- when companies paid for health insurance, dental coverage, offered life insurance and a months vacation. Looks like you're trapped in the sixties again.
Obamacare did away with people being stuck at dead end jobs only because of a pre-existing health condition. Perhaps you missed the memo.

[notes1]

-just because all your failed businesses were in NY, doesn't make it relevant to anyone else.
-a lot more folks get employer health insurance than need a deduction for a 'boob' job.
-a lot more folks get employer dental/retirement, than pay anything for parking.
-there are millions who don't live in tax guzzling states like NY.

you may have 20 years of running businesses into the ground.
i had just one, i sold it, when i retired, it is still ongoing, and i collect a check every month.

you win, because you had more unsuccessful enterprises. and, you are still a tight a$$ for not paying your workers as employees.

[AngelCanada]

I don't want to get into this too deeply, but I do want to say that it seems to me that many so-called "anti- racist" programmes are, in fact, racist themselves. They are, for want of a better term, "reverse racist".

This common viewpoint and statement is almost always made by privileged white people who disapprove of the programs and laws and regulations that are intended to address the very real and persistent issues of racism in American society. It's an example of simply not understanding the inherent issue of lack of fairness and equality. A recent manifestation of this is when white groups shout ALL LIVES MATTER as a type of counterattack to people who promote Black Lives Matter. Its not an equivalency, its not the same issue or dynamic.

[rockinrobin]

I don't want to get into this too deeply, but I do want to say that it seems to me that many so-called "anti- racist" programmes are, in fact, racist themselves. They are, for want of a better term, "reverse racist".

This common viewpoint and statement is almost always made by privileged white people who disapprove of the programs and laws and regulations that are intended to address the very real and persistent issues of racism in American society. It's an example of simply not understanding the inherent issue of lack of fairness and equality. A recent manifestation of this is when white groups shout ALL LIVES MATTER as a type of counterattack to people who promote Black Lives Matter. Its not an equivalency, its not the same issue or dynamic.

[billryan]

-just because all your failed businesses were in NY, doesn't make it relevant to anyone else.
-a lot more folks get employer health insurance than need a deduction for a 'boob' job.
-a lot more folks get employer dental/retirement, than pay anything for parking.
-there are millions who don't live in tax guzzling states like NY.

you may have 20 years of running businesses into the ground.
i had just one, i sold it, when i retired, it is still ongoing, and i collect a check every month.

you win, because you had more unsuccessful enterprises. and, you are still a tight a$$ for not paying your workers as employees.

Its hard to have a conversation with someone who just blows smoke out his ass.
Can you name a business I ran into the ground? Name one that failed? Even name one I simply owned?
If not, how can anyone take anything you say seriously?