Self-employment offers control, freedom and income opportunities that salaried positions may not. Being in charge of your own business decisions also means being responsible for meeting all your own ...

This guide was reviewed by a Business News Daily editor to ensure it provides comprehensive and accurate information to aid your buying decision. Unlike W-2 employees, self-employed individuals do not ...

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 ...

Korrena Bailie has over a decade of experience reporting and editing personal finance stories and reviews. Her work has been featured in Wirecutter, The New York Times, Bankrate and Credit Karma.

According to the Internal Revenue Service, an individual who works as an independent contractor or owns a business as a sole proprietor or partner is self-employed. Self-employed individuals have ...

Taxpayers frequently have income reported on Form 1099-MISC. It may represent earnings from a trade or business that should be reported on Form 1040, Schedule C. If not, it generally is reported as ...

A new federal form from the Internal Revenue Service aims to help the self-employed claim sick and family leave tax credits under the Families First Coronavirus Response Act. Eligible self-employed ...

Q. I am self-employed and I overpaid my 2020 self-employment tax. I cannot find where on my Form 1040 to report tax that I have already paid in order to receive a refund. Can you advise? — Working A.

Everyone pays both FICA taxes and income taxes. If you’re an employee, your company manages the FICA tax payments for you. The process is more complicated for the self-employed business owner. For ...