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Is Uber Cheating On Social Security/FICA Taxes?
Source:
Congress is expected to permanently repeal three major health industry taxes that were supposed to help pay for Obamacare in a final year-end spending agreement, in a big win for the health care industry. Lawmakers have agreed to ax the Cadillac t
- Dec 16, 2019
Should Uber and other firms using a workforce of independent contractors be required to pay Social Security taxes on behalf of their workers?
That’s a great idea except that it turns out, it doesn’t actually work.
Here, as a refresher, is how taxes work for self-employed individuals: throughout the year, workers track their earnings as well as their expenses. Then, at the end of the year, they subtract the latter from the former, report it on their 1040, and pay an extra “self-employment tax” (that is, an amount equivalent to the employer and employee portions of the payroll tax for Social Security and Medicare).
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Category: General Business
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