Around 10% of American workers are self-employed, running small businesses and offering services as independent contractors. With the gig economy booming, millions of people are also taking side ...

The calculation of self-employment taxes is based on the net income earned from self-employment activities. This includes any revenue generated from business activities conducted as a sole proprietor, ...

With the gig economy booming, more and more people are taking side hustles and weekend jobs to earn extra money — some are even opting to make the leap into full-time self-employment. But when you ...

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 ...

— If you’re self-employed, you’ll need to file taxes throughout the year, typically via quarterly payments. — The self-employment tax is 15.3%, a combination of Social Security and Medicare taxes. — ...

If you drive for a ride-hailing app, work a side gig or otherwise own a small business, you may have to pay self-employment taxes. These are based on your net earnings, which is your income minus ...

Side hustle earnings are taxable and must be reported, even without a 1099 form. Self-employment tax covers Social Security and Medicare contributions. Organized recordkeeping helps maximize ...

Independent contractors have more tax leg work to do than salaried workers who receive pay from just one source. It is paramount you keep accurate records of your pay and expenses so you don’t run ...

A check mark. It indicates that the relevant content has been reviewed and verified by an expert This story has been reviewed by a professional to ensure you get the most accurate and useful ...

For most salaried employees, tax time comes in April. But freelancers, small business owners and anyone else earning at least $1,000 in income that hasn't been subject to federal withholdings may have ...

Adam Palasciano is a writer over three years of experience writing about personal finance, investing, student loans, and more, for outlets like GOBankingRates, FinanceBuzz, The Penny Hoarder, and Wall ...