With so many Americans losing their jobs, a vast majority of them have started their own business. These ones quickly find out that having a business of their own entails lots of tax knowledge, something they never came across when they were in someone else’s employment. They now realize the added responsibility they have being business owners. They now need to look into twice the amount of Social Security and Medicare taxes that they paid when they were employed. Now as business owners, they do not pay tax once a year like before, now it’s every quarter.
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