— If you’re self-employed, you’ll need to file taxes throughout the year, typically via quarterly payments. — The self-employment tax is 15.3%, a combination of Social Security and Medicare taxes. — ...

When you’re self-employed, paying taxes is a little more involved than merely doing your income tax filing once a year as you do when you’re an employee. You’ll need to file the appropriate ...

What is self-employment tax? The federal self-employment tax is composed of Social Security and Medicare taxes, which are also known together as the Federal Insurance Contributions Act (FICA). For ...

Kim Porter began her career as a writer and an editor focusing on personal finance in 2010. Since then, her work has been published everywhere from Forbes Advisor to U.S. News & World Report, Fortune, ...

Around 10% of American workers are self-employed, running small businesses and offering services as independent contractors. With the gig economy booming, millions of people are also taking side ...

Are you among the many Americans who switched to contractor work or started a side hustle last year? Now it's tax time, and you are unsure if you are doing things the right way. Although every ...

If you made money last year from a side hustle or gig work, tax time can feel stressful and confusing. We're here to help. Self-employment taxes are the Social Security and Medicare taxes individuals ...

The prospect of earning money on your own terms can be exciting, but many freelancers underestimate their tax liabilities. Laurice Wardini, a freelance writer and the co-founder of ClothedUp, says, “I ...

The calculation of self-employment taxes is based on the net income earned from self-employment activities. This includes any revenue generated from business activities conducted as a sole proprietor, ...

Janet Berry-Johnson, CPA, is a freelance writer with a background in accounting and income tax planning and preparation for individuals and small businesses. Her work has appeared in Business Insider ...

Anyone who starts their own business eventually needs to learn how to file taxes as a self-employed worker. The alternative, not filing taxes and seeing your back taxes bill balloon over the years, ...