Just to be clear, the total savings may not be as much as you think. Withholding from payroll consists of income taxes and FICA taxes (SS & Medicare). As an employer you matched his FICA taxes and as a subcontractor he pays the whole load less a few points on his personal tax return. So the taxes are pretty much the same except for unemployment agency taxes. So you save those and you save the payroll service and you save on WC insurance. Still cheaper the way you are doing it now. HTH, Dave H CPA (MI)
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Today's Featured Article - Show Coverage: Godfrey, Illinois Country Days - by Cindy Ladage. Except for last fourth of July's Old Gold show in Springfield, Illinois, I don't remember when it was so hot. Nevertheless, the heat didn't keep vendors and visitors alike from enjoying the third annual Country Day's Event. Jane Elliott said the event was originally a one man show. "Barry Seiler, owner of Country Town Farm Supply store used to invite people up to the Johne Deere store. He would give hats and a free meal for everyone that brings a tractor." Elliott said while this
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