Multiply your tax base by the self-employed tax rate: $46,175 x 15.3% (0.153) = $7,064.78. There’s no additional Medicare tax because your net earnings fall under $200,000.

Self-employment taxes are similar to FICA taxes, which W-2 workers split with their employers. You’ll be responsible for the entire amount, but you can deduct half the tax on Schedule 1, Line 15 ...

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.

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

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.

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 ...

What are the self-employed income tax rates for 2025-26? When it comes to paying income tax, there aren't any differences in the tax rates you pay compared with employees. You can use our income tax ...

If you're self-employed, some business expenses are tax-deductible and will reduce your bill. This guide explains the expenses you can and can't claim with HMRC when you're self-employed. ... Tackle ...

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 ...

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 ...

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.

Self-employment taxes are similar to FICA taxes, which W-2 workers split with their employers.You’ll be responsible for the entire amount, but you can deduct half the tax on Schedule 1, Line 15 ...