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.
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