TheReff
Rod Griffin
- Joined
- May 15, 2011
- Messages
- 6,463
- Reaction score
- 575
Fully understand. 7.65% paid by employee is matched by employer. Pretty self explanatory.I'm not sure you understand what "out of your own pocket" means
Fully understand. 7.65% paid by employee is matched by employer. Pretty self explanatory.I'm not sure you understand what "out of your own pocket" means
Fully understand. 7.65% paid by employee is matched by employer. Pretty self explanatory.
He’d have to pay that bean counter OUT OF HIS OWN POCKET TOO!Reff, if you were taking that out of your pocket, you really need to find a new business accountant that understands the term “overhead”.
Self employed business people pay everything out of their pocket, including their CPA. All tax deductible of course.He’d have to pay that bean counter OUT OF HIS OWN POCKET TOO!
Everybody knows this lol.Self employed business people pay everything out of their pocket, including their CPA. All tax deductible of course.
The employer must remit the FICA amount as double as a requirement. Those of you who are employees would not know that. I would not expect those of you on the employee dole to know any of this if you have never employed anybody and done this. Nor even paid your own taxes quarterly.
Imagine running a business and viewing your employees (aka the people working to make you money) as "on the dole."
Imagine thinking that about the people providing your livelihood.
Then again... perfectly on brand for republicans.
Sole proprietor is not an llc. Besides any business that has one owner has every single expense come off the gross revenue. Doesn’t matter whether it is payroll, utilities, payroll taxes, vacation, retirement benefits, etc. Everything left is net take home pay.you run a business and are the only owner. it isn't out of your pocket. i would imagine its structured as an llc
you ran an insurance agency without any llc protection? are you insane?Sole proprietor is not an llc. Besides any business that has one owner has every single expense come off the gross revenue. Doesn’t matter whether it is payroll, utilities, payroll taxes, vacation, retirement benefits, etc. Everything left is net take home pay.
So we have a professional services firm. We have some 1099 contractors. Every hour they work generates net income. I wouldn't consider their pay "coming out of our pocket" but adding to the bottom line.Sole proprietor is not an llc. Besides any business that has one owner has every single expense come off the gross revenue. Doesn’t matter whether it is payroll, utilities, payroll taxes, vacation, retirement benefits, etc. Everything left is net take home pay.
Don’t fall into his dumbshit rhetorical trap - “Overhead is an OOP expense” is the same argument as “Tax cuts aren’t government spending because that’s my money”. It’s the whole “taxation = theft” libertarian tea party bullshit.you run a business and are the only owner. it isn't out of your pocket. i would imagine its structured as an llc
Yeah, this was my first thought when I read that line. Jeez man, spend the $50 and set up an LLC.you ran an insurance agency without any llc protection? are you insane?
Nothing.Without knowing the day to day exposure of an insurance agent, I’m curious as to the relative benefits a sole proprietorship offers for the industry that outweighs the individual protection an LLC does.