Taxes when you work for yourself
Income tax, self-employment tax, and paying during the year.
In plain words
You pay income tax on your profit, and self-employment tax for Social Security and Medicare.
Profit is worked out on Schedule C; self-employment tax on Schedule SE.
No one withholds tax for you, so most self-employed people make estimated tax payments each quarter.
Updated 25 days ago from PlaybookReviewed by the Atlas teamGeneral information, not advice for your situation
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