What is Self-employment tax?
The part people forget. Working for yourself means paying both halves of Social Security and Medicare, which lands as a much bigger bill than expected in year one.
Money
The definition
The Social Security and Medicare tax owed by people who work for themselves.
Where it comes up
This shows up in the hourly rate calculator on this site.
Related
Questions people ask
What is Self-employment tax?
The Social Security and Medicare tax owed by people who work for themselves. The part people forget. Working for yourself means paying both halves of Social Security and Medicare, which lands as a much bigger bill than expected in year one.