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 ...
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15 Self-Employment Tax Deductions You Should KnowWhen 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.
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