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Consultant myself to a Company

By dstrob63 ·
I knew someone who started a one-person tech business and consulted himself out to a Wall Street bank earning over $50 an hour. He only had 3 years experience as a desktop support person and he told us he was paid a flat rate and that he was responsible for paying his own taxes at the end of the year. Anyone know how to do this (in detail)?
Thanks...

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