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By paystubs at 2021-07-22 • 0 collector • 135 pageviews

The Basics of Freelance Taxes

As a freelancer, if you earn $400 or more during a year, the interior revenue service considers you as self-employed and requires that you simply pay taxes as a business owner. You'll be liable for paying a 15.3% self-employment tax that represents the Social Security and Medicare taxes would normally be taken out of your paycheck if you were working as an employee. Additionally, you'll also pay the half that's typically covered by an employer. you'll also got to pay standard income taxes supported your income bracket and filing status.

Instead of one W-2 form that you simply would get as a standard employee, as a freelancer, you'll receive a 1099-MISC form from every client that pays you $600 or more during a single year. You report your 1099-MISC income on a Schedule C attachment on your income tax return .

If you expect to owe more $1000 or more in taxes, you're required to pay estimated taxes quarterly also . This will be convenient because you're basically paying as you earn, instead of having an outsized bill come tax season. Counting on where you reside, you'll even be required to pay state income taxes also as local taxes. More in pay stubs.

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