A Californian woman was shocked to find her tax bill rivaled her student loan debt and is now wondering how she will survive with the $26,000 taken from her income.Every year, many taxpayers are startled to find their income as an independent contractor or business owner taxed at a higher rate than they imagined.A TikToker who goes by the name of @_WestCoastFairy posted a video detailing her woes this tax season and now is unsure how she will go about paying her necessities.
'I'm lost,' she said.Viewers were quick to note that a 30 percent salary tax is the norm across America for many tax brackets. From a financial adviser's viewpoint, the importance of accurately calculating the amount of taxes you will owe as an independent contractor cannot be overstated.Kevin Thompson, certified financial planner and founder of 9i Capital Group, said the TikToker's strife punctuates the difficulties that arise when paying taxes while self-employed.
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Source: CalMatters - 🏆 261. / 63 Read more »