“Unlocking the Secrets of Self-Employment Taxes: Essential Tips Every Freelance Writer Must Know!”
Did you know the Internal Revenue Service (IRS) considers freelance writers small business owners? As freelance income is classified under self-employment income, you may be on the hook for taxes when Uncle Sam comes knocking.
Filing your taxes as a writer may seem complicated, especially when you don’t know where to start. But there are a couple of ways you can get through this minefield unscathed.
Enter the Self-Employed Tax (SET)!
The Self Employment Tax covers Medicare (12.4%) and Social Security (2.9%) taxes for freelancers. These are similar taxes to automatic deductibles on an employed individual’s payslip. These taxes account for 15.3% of your total earnings.
Post Comment