Work for Yourself? Here’s How to Reduce Self-Employment Taxes
Your self-employment taxes could be more than your income taxes. Here s how to cut them.
This story originally appeared on SmartAsset.com.
The self-employment (SE) tax is the equivalent of the tax regular employees and their employers pay. It’s the way self-employed people, freelancers and independent contractors contribute to the Social Security and Medicare funds. With a tax rate of 15.3% applying to everything self-employed workers earn, SE tax can add up to a lot. In some cases, SE tax is more than income tax. That means reducing SE tax is an important financial consideration for self-employed taxpayers. Here’s how to do it.
Here’s How Much Your Peers Get in Social Security
See how your Social Security benefits compare with those of other people your age.
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How much you receive in Social Security retirement benefits depends on multiple factors, which include when you open your claim.
On the other hand, for every year past your full retirement age that you wait to claim benefits, your monthly payment will get an 8% boost, up to age 70.
To see how much payments vary by age, we looked at the 2020 Annual Statistical Supplement from the Social Security Administration. It reports data from December 2019, which is the most recent information of this type available.
What Are the Pros and Cons of Life Insurance?
What Are the Pros and Cons of Life Insurance?
Figure out whether life insurance makes sense for you.
This story originally appeared on SmartAsset.com.
Purchasing life insurance is a big decision and is not to be taken lightly. If you’re considering life insurance to protect your family if you die or as a savings vehicle for retirement, it’s essential to compare your options.
As you do your research, you should consider the benefits of life insurance and investigate any disadvantages of each life insurance policy you explore.
In this article, we’ve broken down some of the best things about life insurance, as well as what you should look out for when deciding which policy is best for you.
Cutting Cable? These 5 New TV Services Launch in 2021
You have new streaming options for the new year.
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A decade ago, Netflix and Hulu were among the early innovators of streaming video and television content. Since then, dozens of services have joined their ranks, ranging from powerhouse Disney+ to blink-and-you-missed-it Quibi.
In 2021, at least five new streaming services are slated to launch, and these include options for movies, weather and children’s programming.
Here’s a closer look at each one.
BBC Select
Dubbed a channel for independent thinkers, BBC Select promises to offer programming never before seen in the U.S. and Canada. Rather than show the latest blockbusters, the channel is positioning itself as a place for original and thought-provoking content in the realms of culture, politics and ideas. Shows may include “Grayson Perry’s Big American Road Trip,” “Mystery of the Missing Princess” and “Louis