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San Francisco, May 18 2021 / PRNewswire /- rich Have published their findings Taxation in an independent economy report.
The report surveyed 1,003 individuals in the United States. Most of their income comes from independent work, including freelance work, acting work, call-on-call or any other people who are considered to have income of 1,099.
Comment on the results, Abound CEO, Trent BigelowSaid: “There are 68 million independent workers in the United States, and this number will increase in the next few years. We must provide these workers with the financial infrastructure that W-2 employees can use today. This is about establishing what independent workers want to work for. future.”
Main findings:
- 40% of people do not set aside income for taxes every month. Since taxes are not withheld from wages, independent workers are responsible for calculating and paying the taxes owed, but almost half of them have not set aside funds for this.
- 42% said they did not pay the estimated quarterly taxes. Independent workers should pay taxes on a quarterly basis to make up for debts and avoid fines. But many people don’t do this because they don’t know what they should do, don’t know the process, want to wait and submit documents every year, or just don’t have enough room to pay the fee.
- 51% of independent workers are worried about the review by the IRS. Because the calculation and tax filing procedures of 1,099 workers are different from those of W-2 workers, they are worried about being reviewed-perhaps because they made a mistake, did not have the correct documents, or omitted other things.
- 18% of people have not yet started their 2020 tax declaration-nor do they want to complete it before the deadline. Although the deadline was postponed May 17, 18% of respondents do not expect to complete before the deadline. This means that more than 12 million independent workers failed to submit documents on time.
- 33% of people cannot pay taxes. One-third of the respondents believe that they will not be able to meet their tax obligations this year.
- 69% of people worry that they owe more money than they thought. They worry that they have made a calculation error somewhere, which will cause them to pay more than expected or apply.
To download a full copy of the report, click Here.
About Shengchan
rich Our mission is to bring more wealth and health to independent workers, thereby increasing the retention, income and compliance of those who serve them. Abound’s developer-friendly API makes it easy for our partners to embed revenue into their products, leaving enough space to cover taxes, healthcare, retirement funds, insurance, etc.
To learn more about Abound, please visit www.withabound.com.
Media contact
Holly@FrontLines.io
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