Self-Employment Income

Self-Employed Income

Net profit derived as the result of owning a business or for work as an independent contractor. In the United States, self-employed persons pay double the social security tax of employed persons, but are entitled to more tax deductions. One calculates self-employed income by taking one's gross income and deducting all business expenses. For example, a self-employed person working from home may deduct a certain percentage of his/her rent or mortgage and not pay taxes on that portion of his/her income. Self-employed income is reported to the IRS on Schedule C of the 1040 Form.

Self-Employment Income

Self-employment income is income earned by a self-employed employed individual. In most cases, the income is subject to self-employment (social security and medicare) tax.

单词	self-employment income
释义	Self-Employment Income Self-Employed Income Net profit derived as the result of owning a business or for work as an independent contractor. In the United States, self-employed persons pay double the social security tax of employed persons, but are entitled to more tax deductions. One calculates self-employed income by taking one's gross income and deducting all business expenses. For example, a self-employed person working from home may deduct a certain percentage of his/her rent or mortgage and not pay taxes on that portion of his/her income. Self-employed income is reported to the IRS on Schedule C of the 1040 Form. Self-Employment Income Self-employment income is income earned by a self-employed employed individual. In most cases, the income is subject to self-employment (social security and medicare) tax.
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