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Self employed
Hello Dawn,
Self-employment tax is a 15.3% additional tax you pay on your net profit from your business. When you work for an employer they pay into social security and Medicare and you pay into social security and Medicare. When you are self employed you are paying both the employer and employee share of the social security and Medicare.
Here is link that talks about self-employment tax in more detail
https://turbotax.intuit.com/tax-tips/self-employment-taxes/the-self-employment-tax/L8xXjolB4
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‎October 27, 2021
11:36 AM
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