In terms of taxes, what must a gig worker account for that an employer typically covers in traditional setups?
Answer
The employer-equivalent portion of Social Security and Medicare taxes
Gig workers are responsible for their own taxes, including the self-employment tax contribution (roughly 15.3% of net earnings) that is usually split with an employer in traditional setups.
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The Gig Economy is Full - YouTube
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What common term describes the shift toward short-term arrangements and independent contracts for earning income?How are gig workers generally classified in contrast to workers in traditional employment?Which characteristic is usually associated with traditional employment, but not generally with gig work?In the dual labor market economic perspective, which sector do many gig economy workers populate?What often distinguishes digital marketplace jobs from pure, high-skill freelancing?Which category of gig work relies almost entirely on mobile applications to secure on-demand requests like driving passengers?What is the primary attraction of the gig economy for many workers?In terms of taxes, what must a gig worker account for that an employer typically covers in traditional setups?What is the main challenge for those moving into skill-based freelancing for success?How does high market saturation typically affect per-hour rates in accessible jobs like driving and delivery?