“Millennials are moving into freelancing (which is a great idea). “
Lesson one: how to file your quarterly taxes.
As an aside, I think everyone should have to pay quarterly taxes. No company payroll withholding.
People would pay a LOT more attention to how much they’re paying in taxes, and what those taxes are going for.
If I could make one change to our government system, eliminating payroll withholding would be it.
“Lesson one: how to file your quarterly taxes.”
Filing quarterly taxes, paying self employment taxes, and buying health insurance in the private market will give millennial a full taste of the oppressive weight of government on productive citizens. If the GOP wasn’t so focused on accommodation with Democrats they would be championing and nurturing the emerging entrepreneurial class.
Nailed it! Been there, done that! Not doing it again!
Lesson 2: escrowing the money to pay quarterly taxes.
Congratulations, you just made $5000 on those freelance jobs. It ain’t all yours.
I have bee n doing taxes for twenty years Freelancing is risky tax wise.It’s a good lesson having to pay quarterly . it connects you to the reality of what you actual
lay have to pay.
I see this as a way for these companies to avoid the cost of having employees.
many Microsoftt engineer were self employed.
It’s not as desirable to freelance as these millennial believe.