Use Forbes Advisor's calculator & instructions to learn how your self-employment tax is calculated.

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.

What is the best tax software for small business? We looked at some of the best tax preparation software for small businesses to help you choose.

What is self-employed income tax? If you're self-employed, you'll pay income tax in a different way to employed workers, as it's charged on your profits rather than your gross income via a ...

Those extra expenses make claiming any available tax deductions all the more important. Here are five you should be sure not to overlook. 1. Home office deduction If you are a self-employed person ...

If you're self-employed, there are certain business expenses you are allowed to deduct from your tax bill. This guide explains the expenses you can and can't claim with HMRC when you're self-employed.

Your adjusted gross income is more complicated because self-employed individuals receive certain income tax deductions not available to standard employees. Your adjusted gross income equals your ...

Enter your income from self-employment and your tax filing status into the calculator above to estimate your tax. What Is Self-Employment Tax?