Robert Garcia
Top-Rated Seller on Upwork & Fiverr
Self-Employment Tax
In This Article
Definition
Social Security and Medicare taxes for self-employed individuals, totaling 15.3% on net earnings.
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FAQs
Is there a deduction?
Yes, you can deduct 50% of self-employment tax on your return.
Similar Terms
1099 Form
IRS tax form reporting income paid to non-employees, commonly 1099-NEC for contractor pay or 1099-K for payment platforms.
1099-K
Tax form reporting payments from payment networks like PayPal or gig platforms when exceeding annual thresholds.
1099-NEC
Tax form for non-employee compensation of $600 or more, replacing Box 7 of the old 1099-MISC for contractor payments.
Schedule C
IRS form for reporting income and expenses from sole proprietorship or self-employment on your personal tax return.
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Important Disclaimer: This content is for informational purposes only and should not be considered tax, legal, or financial advice. Consult a qualified professional (CPA, tax attorney, or financial advisor) for advice specific to your situation.