Affiliate Taxes

Most employees are lucky when it comes to taxes.  I know, it doesn’t feel like you’re lucky.  However most don’t realize they are only paying half of their social security and half of their medicare taxes.  Your share is only 7.65%.  Your employer has to pay 7.65% also.

However if you’re self-employed you need to pay 15.3%  This is on top of state and federal taxes.

On top of that, you have to pay an estimated tax quarterly.  If you didn’t make more than $1,000 in that quarter, I think you are exempt.  So don’t be afraid if you are just starting out.

I just had my taxes direct withdrawn, it’s enough to make a grown man cry.

Paying My Taxes

 

I paid over $19,000 to the state and federal government.  For reference, my first car, a 1988 Chevy Spectrum 4-door cost me $800.  This is just for my affiliate earnings and has nothing to do with my normal 9-5 job.

To add insult, I don’t think I’ll qualify for my $600 check this year.  I paid a crazy amount of taxes, but get no love.  Perhaps George Bush will see it in his heart to give me a lovely brick of government cheese.

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