— 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. — ...

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 ...

Navigating the process of filing taxes when you’re self-employed can be intimidating, especially for a first-timer. If you’re not sure how self-employment taxes work or are wondering what ...

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, ...

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 ...

Janet Berry-Johnson, CPA, is a freelance writer with a background in accounting and income tax planning and preparation for individuals and small businesses. Her work has appeared in Business Insider ...

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 ...