“As a fulltime in-house artist making $200 USD per day, you’ll have to pay 27-30% income tax. Steve Wang on taxes in Canada for artists:
Losing 15-30% of your income in taxes is a significant line item to say the least.” It’s extremely bizarre to me that this is often ignored when artist’s incomes/rates are being discussed. In addition, several US states collect a state tax over and above the federal tax that everyone pays.
There are common situations where a freelancer’s tax rate is 25% higher than an in-house artist. Freelancers always pay their own payroll taxes (in house artists only pay half of the payroll tax in the US). “It’s worth mentioning the dramatically different tax ramifications of the two scenarios. Feel free to discuss things further in comments, would be nice to hear others experiences as well.Įdit: Thom Tennery brought up a good point about the different taxes for both:
This is obviously the tip of the iceberg on the pro’s and con’s of working in both environments, we can obviously get much deeper into all of this at another time. Some of these topics are what i discuss during my workshops/talks and just some general advice as we push forward into 2014. Was planning on doing more of this over the year but as with the contracts/negotiations one, seems to pop up around New Years when i have more down time.
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