The burden of new taxes after fiscal-cliff negotiations
Owner-operator business services provider ATBS has produced the below infographic and accompanying description of the tax upshot for owner-operator businesses following recent fiscal-cliff negotiations.
For most independents, the expiration of the so-called “payroll tax holiday,” a two-percent cut in employee FICA withholding rates and the Social Security portion of the self-employment tax for contractors in place since 2011, represents about a week’s worth of income for the average ATBS client. Click through the below image for the full infographic, which went out to ATBS clients January 9.
"There probably should be some minimum standards. But as long as the ...