CatinaT1
Expert Alumni

Self employed

When you are self-employed, you pay both income tax on your income and self-employment tax on your profit. 

 

Your standard deduction reduces you income to determine your taxable income. You income tax is calculated from this.  

 

Self employment tax 15.3%. Your standard deduction can not reduce self-employment tax.

 

Below are a couple of links that might be useful to you. 

About Schedule C 

Self Employed Individuals Tax Center 

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