Self-employed individuals pay both the employee and employer share of Medicare and Social Security taxes, totaling 15.3%, on 92.35% of their net earnings. Schedule C helps calculate net earnings ...

When you’re self-employed — you’ll mostly fill out IRS Form Schedule C on your tax return. This is where you’ll report your business income and expenses — including business deductions ...

You can use the shorter Schedule C-EZ form if you have business expenses ... you need to file Schedule SE to figure your self-employment tax, which includes social security and medicare taxes.

Schedule C is a treasure trove of tax deductions for self-employed people. And it's also a gold mine for IRS agents, who know from experience that self-employed people sometimes claim excessive ...

See our cheat sheet on the taxes, breaks and business deductions that apply to workers who get 1099s.