— 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. — ...

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 ...

When you’re self-employed, you’re responsible for paying both the employer and employee portions of taxes. Here’s how to calculate both. If you’re self-employed – either on a full-time basis or just ...

With the gig economy booming, more and more people are taking side hustles and weekend jobs to earn extra money — some are even opting to make the leap into full-time self-employment. But when you ...

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 ...

Self-employed workers need to pay Social Security taxes. But those workers also have access to several deductions. Many, or all, of the products featured on this page are from our advertising partners ...

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 ...

Kemberley Washington is a former staff writer at Forbes Advisor and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in ...

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, ...

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, ...