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Posts Tagged ‘self employment tax rate’

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