Self-employed tax is a social security and Medicare tax on persons who work for themselves. Here are some considerations for calculating and paying these taxes:
- Filing a Schedule SE (Form 1040).
- Knowing what the current SE tax rates are.
- Knowing the current maximum earnings subject to SE taxes.
- Calculating your self-employment tax.
- Calculating your self-employment tax deduction for your Form 1040.
- Making estimated tax payments four times a year.
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