The self-employment tax is 15.3%, which is 12.4% for Social Security and 2.9% for Medicare. Generally, it applies to self-employment earnings of $400 or more.

Here are 15 big self-employment tax deductions and tax benefits that could slash tax bills for freelancers, contractors and other people who work for themselves.

The general rule is that any ordinary and reasonable expense you pay while conducting a business activity is deductible in ...

CHICAGO, May 14, 2025 (GLOBE NEWSWIRE) -- Gateless, a leading innovator in mortgage automation technology, today announced its integration with Fannie Mae’s Income Calculator. This strategic ...

Small business owners typically pay quarterly estimated taxes, which may include self-employment tax plus income taxes. Generally, quarterly taxes are due April 15, June 15, September 15 and ...

Self-employed people are often solely responsible for paying the Social Security and Medicare taxes that they would otherwise split with an employer, and "the self-employment tax rate is 15.3% on ...

How to Calculate a Cellphone Tax Deduction for Self-Employment. If you are self-employed, it may be possible to deduct the cost of your cellphone service on your tax return.