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<blockquote data-quote="dmac1" data-source="post: 3188204" data-attributes="member: 60252"><p>I worked as an independent contractor other than Fedex, delivering newspapers. Under this new tax 'reform' I would have been screwed. With the miles I was driving, at the end of the year my income was usually right around $0 because my mileage deduction at the allowed rate was so much higher than my actual costs. I would have had to wait as long as a year to get refunded for whatever the company deducted. </p><p> Having taxes withheld from pay is going to make it a lot harder for contractors who have large expenses to deduct because they may not have the cash on hand to cover. A lot of those workers live paycheck to paycheck. I'd say most.</p><p></p><p> This may make it harder for companies to find workers, like Uber drivers, and force Uber to pay more to drivers. If you have a $400 a month car payment, $400 in fuel, $400 in insurance, plus maintenance, you will be paying 15% in FICA or over $200 a month out of pocket and need to wait to file and wait for a refund to be reimbused by the IRS, on 'income' that was never really income. IF you owe income taxes, you might be able to pay less in quarterly estimated payments if you have that option.</p></blockquote><p></p>
[QUOTE="dmac1, post: 3188204, member: 60252"] I worked as an independent contractor other than Fedex, delivering newspapers. Under this new tax 'reform' I would have been screwed. With the miles I was driving, at the end of the year my income was usually right around $0 because my mileage deduction at the allowed rate was so much higher than my actual costs. I would have had to wait as long as a year to get refunded for whatever the company deducted. Having taxes withheld from pay is going to make it a lot harder for contractors who have large expenses to deduct because they may not have the cash on hand to cover. A lot of those workers live paycheck to paycheck. I'd say most. This may make it harder for companies to find workers, like Uber drivers, and force Uber to pay more to drivers. If you have a $400 a month car payment, $400 in fuel, $400 in insurance, plus maintenance, you will be paying 15% in FICA or over $200 a month out of pocket and need to wait to file and wait for a refund to be reimbused by the IRS, on 'income' that was never really income. IF you owe income taxes, you might be able to pay less in quarterly estimated payments if you have that option. [/QUOTE]
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