What is self-employment tax?

Answer The self-employment tax is a U.S. Medicare and Social Security levy paid by individuals who work as independent contractors, operate their own businesses as sole proprietors or participate as membe... Read More »

Top Q&A For: What is self-employment tax

What is a self employment tax id?

Those who are self-employed use their social security number at their ID number on their taxes. Self-employment tax money goes to Medicare and Social Security, according the Internal Revenue Servic... Read More »

What income is subject to self-employment tax?

If you have more than $400 of earned income from working as an independent contractor or self-employment, you must pay self-employment taxes. In addition, if your income from working as a church em... Read More »

What is the standard self employment tax rate?

The self-employment tax is a tax levied by the federal government on individuals who work for themselves or as independent contractors. Self-employment taxes are paid on top of income taxes.TypesTh... Read More »

How to Pay Self Employment Tax?

You should have an SSN or an ITIN to pay self employment tax. If you do not have an SSN, you can easily obtain one at any Social Security office. Apply for the SSN using a Form SS-5 from the Social... Read More »