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 ...

With the tax filing season already underway, revised 1040 instructions make the tips deduction more complicated and limited for the self-employed.

Expenses like a home office, car, insurance, and even your education bills could get you a big tax break Katharine Paljug is a financial writer and editor with over a decade of industry experience.

If you have a side hustle — or are full-time in business for yourself — you might qualify for self-employment tax deductions. These deductions can lower your taxable income, and save a bundle in taxes ...

If you’re a member of a limited liability company (LLC), do you have to pay self-employment taxes? That’s a darn good question. Our beloved Internal Revenue Code’s self-employment (SE) tax provisions ...

An individual whose net earnings from self-employment are $400 or more for the taxable year must pay the self-employment tax. 1 In 2025, such an individual must file a Schedule SE and pay Social ...

What starts as a way to bring in extra cash can lead to tax complications if you’re not careful. Side gigs often grow faster than people expect and taxes tend to show up before many workers realize ...

Navigating the process of filing taxes when you’re self-employed can be intimidating, especially for a first-timer. If you’re not sure how self-employment taxes work or are wondering what ...

Last week, the IRS announced “the start of a sweeping, historic effort to restore fairness in tax compliance by shifting more attention onto high-income earners, partnerships, large corporations and ...

I recently became self-employed. (Yes, by choice, not by necessity, though maybe many would question my judgment.) Like me, have you also just made this hold-onto-your-shorts leap? If so, you probably ...

An independent contractor, or freelance worker, is responsible for paying certain taxes because they are self-employed and no taxes were withheld from their pay. This includes self-employment taxes — ...