Hit By The Self-Employment Tax? Here's The Lowdown On It


Filling out your taxes for 1099 contract work or as a self-employed taxpayer?  You might have just discovered a little-known but important facet of working for yourself - the Self-Employment Tax.  What is it and how can you avoid paying too much?  What is the Self-Employment Tax? The Self-Employment tax is the full portion of your Social Security and Medicare taxes based on your income.  While wage employees also pay a contribution to their Social Security and Medicare taxes, their employers pick up a matching contribution.

18 February 2015