For example, if you reported a net profit from being self-employed of $100,000, $92,350 of your earnings would be subject to the 15.3% self-employment tax. So you’d pay $14,129.55 in self ...

Multiply your tax base by the self-employed tax rate: $46,175 x 15.3% (0.153) = $7,064.78. There’s no additional Medicare tax because your net earnings fall under $200,000.

One such myth is that all forms of passive income are automatically exempt from self-employment tax. Clarifying these misconceptions is important for proper tax planning and compliance.

An example of Form 1099-NEC for a self-employed person. Other people who may receive 1099-NECs include ride-hailing drivers, delivery drivers, freelance writers, graphic designers and other ...

Along with Form 1040, individuals who are self-employed, or act as individual contractors, will also need to include Schedule 1 and Schedule C with their tax return on the April deadline to the IRS.

FreeTaxUSA is a solid choice not just for self-employed tax filers but for anyone who wants to file a free federal tax return. But if you want add-on services like Pro Support ($39.99), Audit ...

There are a number of deductions to keep in mind for self-employed individuals. Lisa Greene-Lewis, CPA and TurboTax tax expert, provides a guide to tax savings.

A new federal form from the Internal Revenue Service aims to help the self-employed claim sick and family leave tax credits under the Families First Coronavirus Response Act. Eligible self-employed ...

There is no such cap for the 2.9% Medicare tax, though an individual may be liable for an additional 0.9% Medicare Tax if their self-employment income exceeds a threshold amount ($250,000 for a ...

If you’re self-employed or earn certain types of income, there’s a good chance you’ll need to pay estimated taxes — and your next payment is due soon. There are four due dates for ...

For example, self-employed people need a plan that supports Schedule SE. Freelancers need to file a Schedule C, which accounts for freelance income and expenses found on a 1099 form (which acts ...