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Self-employment tax is a tax paid by individuals who work for themselves, rather than for an employer. It is used to fund Social Security and Medicare programs.
Self-employment tax is calculated by multiplying your net self-employment income by the self-employment tax rate, which is currently 15.3%.
If you earn more than $400 in self-employment income, you are required to pay self-employment tax. This applies to individuals who are self-employed or who work as independent contractors.
Yes, self-employment tax can be deducted as an adjustment to your income on your tax return. This can help reduce your taxable income and potentially lower your overall tax liability.
Self-employment tax is typically due on April 15th of each year, along with any income taxes owed. However, if you make estimated tax payments throughout the year, the due dates may vary.