I don't equate it with the same kind of stability a lot of people do. More it leads to predictability for me and my family. I liked contract work and I actually made more money doing it but the work times and projects were unpredictable and caused unnecessary stress for my family. Not to mention the insane taxes I have to pay as a contractor. I'm glad it has worked out for you.
This is Costa Rica? Also interesting. Here in central Europe the contractor taxes are for me (2 kids) something like 500% less total outgoing than as a full time employee. I think that's why I was asking about the decision to swap out of contracting. Most I know would love the opportunity to have stable, remote contract work. Where I live full time employment in Dev is the lesser option.
I live in Costa Rica currently but I am a US citizen and pay US taxes. Contractors in the US have to pay federal income tax, self-employment tax and potentially state income tax. When you’re an employee, a company pays half of your Social Security and Medicare taxes. As an independent contractor, you pay 100% of the FICA taxes when you file your tax return. You also must pay the income taxes that weren’t withheld.
You need to also make quarterly payments each quarter to cover taxes or you will be fined.
Oh I see. That sounds tough. Frankly I have never understood the US system and personally I find it outrageous that the US allows so many to go without health insurance. Where I live healthcare is available equally to all, the quality is excellent, and prices for private treatment are low too. For example, braces for teeth and the whole course of treatment costs about 150 EUR. I know a lot of people in the US oppose that model for being 'socialism' but I think it is strange that people would be allowed to suffer high medical prices or denied treatment at all on ideological grounds.
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I don't equate it with the same kind of stability a lot of people do. More it leads to predictability for me and my family. I liked contract work and I actually made more money doing it but the work times and projects were unpredictable and caused unnecessary stress for my family. Not to mention the insane taxes I have to pay as a contractor. I'm glad it has worked out for you.
This is Costa Rica? Also interesting. Here in central Europe the contractor taxes are for me (2 kids) something like 500% less total outgoing than as a full time employee. I think that's why I was asking about the decision to swap out of contracting. Most I know would love the opportunity to have stable, remote contract work. Where I live full time employment in Dev is the lesser option.
I live in Costa Rica currently but I am a US citizen and pay US taxes. Contractors in the US have to pay federal income tax, self-employment tax and potentially state income tax. When you’re an employee, a company pays half of your Social Security and Medicare taxes. As an independent contractor, you pay 100% of the FICA taxes when you file your tax return. You also must pay the income taxes that weren’t withheld.
You need to also make quarterly payments each quarter to cover taxes or you will be fined.
Oh I see. That sounds tough. Frankly I have never understood the US system and personally I find it outrageous that the US allows so many to go without health insurance. Where I live healthcare is available equally to all, the quality is excellent, and prices for private treatment are low too. For example, braces for teeth and the whole course of treatment costs about 150 EUR. I know a lot of people in the US oppose that model for being 'socialism' but I think it is strange that people would be allowed to suffer high medical prices or denied treatment at all on ideological grounds.