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Posts Tagged ‘irs self employment tax’

Self-Employment Taxes

Those who work as independent contractors must pay self-employment taxes, and not payroll taxes. Payroll taxes are paid by W2 employees and self-employment taxes are paid by the self-employed. You are self-employed if you typically: Carry on a trade or business as a sole proprietor Are a member of a partnership that conducts a business Are involved in a business for yourself or run a part-time business

Self –employment tax basics

Self-employment is an enticing option when you think of it. You can avoid the hectic timing. The monotonous meetings and the most important is the skip from the office politics. But with the freedom comes the responsibility of taxes. If you need to know if you qualify as self-employed just answer these questions. Are you a sole proprietor or an independent contractor of the trade or business? Are you a member of a partnership that carries ...