I was offered a freelance job which can easily be done in the home. Because I did not anticipate this I got a healthcare plan with a subsidy. If I take the job it’ll put me over the cliff. I’ll have to pay an additional $5500.
I informed the company that they would have to pay this amount or it’s not feasible for me to do the project. I went online, plugged in some numbers, and came up with the amount of $11,000 they would have to pay
Breakdown: on $11,000 federal taxes (22%) $2420, fica $682, Medicare $160, State taxes $770 and self employment tax $1430
Taxes=$5462. $11,000-$5462=$5538
It kind of seems unreal that they need to pay me double to get me to clear the $5500 I’d owe. Please verify I did this correctly. Thank you
I informed the company that they would have to pay this amount or it’s not feasible for me to do the project. I went online, plugged in some numbers, and came up with the amount of $11,000 they would have to pay
Breakdown: on $11,000 federal taxes (22%) $2420, fica $682, Medicare $160, State taxes $770 and self employment tax $1430
Taxes=$5462. $11,000-$5462=$5538
It kind of seems unreal that they need to pay me double to get me to clear the $5500 I’d owe. Please verify I did this correctly. Thank you