Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is “self-employment” tax?

April 26, 2017self-employment tax

0

Posted

What is “self-employment” tax?

1 Answer

0

Posted

Self-employment tax is the equivalent to Social Security and Medicare taxes that employees have withheld on their paychecks. As there are no withholdings on self-employed income, the Social Security and Medicare tax is calculated along with one’s federal tax on the annual income tax return.