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Self-employment tax is used to describe the federal income tax and social security and Medicare taxes that are paid by self-employed individuals.

This is fairly more difficult than being a W2 employee, as you don’t have an employer withholding money from your paycheck each month for federal income taxes, social security, and Medicare

Therefore, you must pay these taxes or owe them when you file your tax return for the year. The good news is that many of the same deductions that are available to W-2 employees are also available to self-employed individuals.

In this article, we’ll go over all the things you need to know about self-employment taxes, from who is required to pay it to how you file your income taxes as a self-employed person.

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