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Get your taxes done using TurboTax
As far as the IRS is concerned there is no difference between being self-employed and being an independent contractor; that is why you will be paying self-employment tax for Social Security and Medicare. You do not have an employer withholding it and paying the employer portion--so you pay all of it; you do not have an employer withholding federal tax--so you pay the tax when you file your yearly tax return or sometimes by making quarterly tax payments.
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