Self-Employment Taxes
The discussion highlights the realities of self-employment taxes, emphasizing that individuals working for themselves face both income tax and self-employment tax. While the self-employment tax may seem daunting at 14.13%, it's important to remember that this replaces payroll taxes previously deducted as a W-2 employee. Additionally, self-employed individuals can benefit from a tax deduction for half of this tax, making it more manageable than it initially appears.In this clip
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409 | 401(k), Mega Backdoor Roth and the Premium Tax Credit | Sean Mullaney
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