If you have income that you earned that you didn't get a W-2 for, you are self-employed.
It sounds good to be working for yourself, but it could have unforeseen consequences.
- You will have to purchase a software that supports the self-employment feature.
- This is a business, so you will have to show income and receipts for expenses.
- You will also have to pay self-employment tax.
- This is a Social Security and Medicare tax
- It is 15.3% of earnings.
- This has to be paid even though you may not owe any income tax.
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