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 ...

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 ...

— 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. — ...

Is Passive Income Subject to Self-Employment Tax? Passive income is generally not subject to self-employment tax, which primarily covers Social Security and Medicare taxes for individuals who work for ...

Employees have it relatively easy when it comes to paying taxes. Their employer withholds taxes from each paycheck and sends the money to the federal (and sometimes state) government. Employees pay ...

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 ...

Q. I am self-employed and I overpaid my 2020 self-employment tax. I cannot find where on my Form 1040 to report tax that I have already paid in order to receive a refund. Can you advise? — Working A.

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, ...