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 ...

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 ...

If you’re self-employed, you already wear many hats—owner, operator, and maybe even accountant. But one critical role you may not think about as often is that of your own payroll department. Unlike ...

The Internal Revenue Service (IRS) has released updated Schedule SE tax form and instructions for the tax years 2023 and 2024. TRAVERSE CITY, MI, US, January 12, 2024 ...

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, ...

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 ...

2. Self-employment tax deduction Yes, you can deduct self-employment tax as a business expense. It's actually one of the most common self-employment tax deductions. The self-employment tax rate is ...