SMALL BUSINESS / SOCIAL SECURITY TAXES

This article examines the unfortunate burden that Social Security taxes pose on the self-employed, who have to pay both side of the tax as they are, effectively, both employer and employee. The article runs some hard numbers to find the actual costs in various cases and then to predict future costs with the projected increases to the Social Security taxes ceiling. Link: http://www.smartmoney.com/taxes/income/just-what-you-needed-higher-taxes-1306271420886/?link=SM_hp_ls4e From SmartMoney (May 25, 2011) “Just What You Needed: Higher Taxes”