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Understanding Self-Employment Taxes: A Guide for Freelancers and Independent Contractors
Want to calculate taxes for self-employed individuals and freelancers? Self-employment taxes, which include both Social Security and Medicare taxes, must be calculated and paid on top of regular income taxes. Understanding how these taxes work is essential for freelancers and independent contractors to properly manage their finances and avoid penalties from the IRS. What are self-employment taxes? This section will define self-employment taxes and provide an overview of how they differ from regular income taxes….
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