Money Checkup With Anjali Jariwala

Taxes can be a challenge for a lot of people. There’s an added level of complexity if you are or are thinking about becoming an independent contractor. The tax rules and planning differs from a W-2 employee. But what are they? Today on the episode we will dig into what those differences are. We will look at the benefits of being an independent contractor and some of the tax challenges you might also run into. As an added bonus I’ll take a deep dive into the Qualified Business Income deduction (“QBI”) that came out last year with the new tax changes. We will go over the good, bad and what you can do to optimize the QBI for your taxes this year. What We Will Cover The difference between an independent contractor and an employee An explanation of tax withholding Who’s required to send in estimated tax payments and how frequently What it means to “safe harbor” your estimated taxes How Social Security and Medicare differ for employees and contractors The tax rates and income thresholds for Social Security and Med