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Posts Tagged ‘self-employment taxes’

Self-Employment Taxes (Part II)

The self-employed are required to pay taxes both as an employer and as an employee. They need to pay taxes on their income, and also pay the self-employment tax (SE tax), which consists of Social Security and Medicare taxes.Depending upon their type of business, they may be required to pay additional taxes as well. Business Structure The type of business determines which income tax return form you have to ...

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