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(This Bankrate calculator can help estimate your Social ... you must have wages and self-employment income of $1,730. ... you’ll need to meet the minimum wage or self-employment income in at ...
Note that although self-employed individuals pay 12.4%, this is mitigated two ways. First, half of the amount of the tax is reduced from salary before figuring the tax (you don't pay Social Security tax on the tax your employer pays for you.) Second, the "employer" half is an adjustment to income on the front page of Form 1040.
Minimum wage legislation emerged at the end of the nineteenth century from the desire to end sweatshops which had developed in the wake of industrialization. [17] Sweatshops employed large numbers of women and young workers, paying them what were considered non-living wages that did not allow workers to afford the necessaries of life. [18]
The federal minimum wage applies in states with no state minimum wage or a minimum wage lower than the federal rate (column titled "No state MW or state MW is lower than $7.25."). Some of the state rates below are higher than the rate on the main table above. That is because the main table does not use the rate for cities or regions.
To calculate self-employment taxes, multiply your net self-employment income by 0.9235. Then, if the result is less than the contribution and benefit base for the year, multiply the result by the ...
‘You’re both basically making minimum wage’: Self-employed couple have 2 kids, $4.5K in savings, $175K in debt and worry they’ll retire broke, but refuse to get 9-5 jobs.
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