If you work for yourself, you don’t just pay income tax — you also pay self-employment tax. That’s the part that covers ...

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 ...

Jill A. Chafin is a personal finance writer specializing in transforming tough financial topics into easy-to-understand content with actionable steps. Prior to her role at Forbes Advisor, she wrote ...

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 ...

Self-employment gives you the freedom to set your own hours and be your own boss. But with that freedom also comes the responsibility of managing your own taxes. The good news is that the tax code ...

Self-employed individuals face unique tax challenges, including quarterly estimated payments and self-employment taxes. Tax relief for freelancers includes IRS programs like penalty abatement, payment ...

If you’re self-employed, you’ll usually have to pay higher Social Security and Medicare taxes, collectively known as self-employment taxes, than if you were an employee of a company. One way to help ...

If you’re self-employed, you already wear many hats—owner, operator, and maybe even accountant. But one critical role you may not think about as often is that of your own payroll department. Unlike ...