If you’re self-employed, you’ll need to pay both income and self-employment taxes. Here are some ways you can reduce the amount you owe. There are many advantages to self-employment in comparison to ...

People who work for themselves or who own their own company are sometimes alternately referred to as self-employed or independent contractors, though there is a difference between the two. In general, ...

If you rely on other people to hire you on a per project basis, you operate on a freelance basis, and you are generally free to accept other assignments and are not limited to doing work for a single ...

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, ...

Self-employment tax is a mix of Social Security and Medicare taxes. Use our calculator to estimate what you owe. 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 ...

As people are finding new and different ways to make money, the idea of being self-employed, or possibly just a side hustle, becomes more widespread. Although there are many tax advantages and other ...

Fewer self-employed workers who accept payments through a third-party service, such as PayPal or Square, will receive a form reporting their 2025 income. That means it will be up to them to calculate ...

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 ...

Kim Porter began her career as a writer and an editor focusing on personal finance in 2010. Since then, her work has been published everywhere from Forbes Advisor to U.S. News & World Report, Fortune, ...

If you drive for a ride-hailing app, work a side gig or otherwise own a small business, you may have to pay self-employment taxes. These are based on your net earnings, which is your income minus ...