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’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 ...

Tax-paying small business owners and self-employed individuals in the United States are one of the most important facets of the nation's economy. The Internal Revenue Service has outlined specific ...

Key Takeaways The last deadline for filing 2024 taxes is in six weeks.The deadline is for those Americans who filed for an extension to file past April 15.The IRS estimated that about 19 million ...

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 ...

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, ...

Filing taxes for your LLC as an S Corp allows an owner-operator to designate him- or herself as an employee of the LLC yet to still report the income of the business on their personal tax return. S ...

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 ...

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, ...