Self-Employed Tax

Self-employed tax is a social security and Medicare tax on persons who work for themselves. Here are some considerations for calculating and paying these taxes:

  • Filing a Schedule SE (Form 1040).
  • Knowing what the current SE tax rates are.
  • Knowing the current maximum earnings subject to SE taxes.
  • Calculating your self-employment tax.
  • Calculating your self-employment tax deduction for your Form 1040.
  • Making estimated tax payments four times a year.

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