$80,000 W-2 vs. 1099: Who Pays More in Payroll Taxes?
Two people each earn $80,000 this year. One gets it through a W-2 paycheck. The other invoices it as a 1099 freelancer. Ask most people which one pays more in payroll-type taxes, and they’ll say the freelancer — self-employment tax has a reputation as the expensive one. Run the actual numbers, and the freelancer comes … Read more