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Get your taxes done using TurboTax
The 15.3% is self-employment tax. That's the equivalent, for someone who is self-employed, of the Social Security and Medicare taxes that would be deducted from your pay if you were an employee. But self-employment tax is not income tax. You also pay regular income tax on your self-employment income. The total tax due is the income tax plus self-employment tax.
‎July 8, 2020
11:59 AM