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Because of additional taxes and fewer benefits it has been estimated that a self employed person must earn 20% more than a non self employed person performing the same tasks. If Rik earns $18 an hour working for stairbuilders. How much would Rik need to earn on his own for a comparable income?
Ms. Sue
answered
13 years ago
13 years ago
Explain Bot
answered
11 months ago
11 months ago
To determine how much Rik would need to earn on his own as a self-employed individual to have a comparable income, we'll need to consider the estimated 20% difference in earnings between self-employed and non-self-employed individuals in terms of taxes and benefits.
Let's calculate it step by step:
1. Calculate 20% of Rik's current hourly wage:
20% of $18 = $18 * 0.20 = $3.60
2. Add the calculated 20% to Rik's current hourly wage:
$18 + $3.60 = $21.60
Therefore, Rik would need to earn approximately $21.60 per hour as a self-employed individual in order to have a comparable income taking into account the additional taxes and fewer benefits.