Being your own boss can be rewarding, but one of the drawbacks is that you have to pay self-employment taxes. The self-employment tax is a 15.3% tax you'll pay for Social Security and Medicare taxes ...

What is self-employment tax? The federal self-employment tax is composed of Social Security and Medicare taxes, which are also known together as the Federal Insurance Contributions Act (FICA). For ...

Jill A. Chafin is a personal finance writer specializing in transforming tough financial topics into easy-to-understand content with actionable steps. Prior to her role at Forbes Advisor, she wrote ...

As people are finding new and different ways to make money, the idea of being self-employed, or possibly just a side hustle, becomes more widespread. Although there are many tax advantages and other ...

Selling timber while collecting Social Security can trigger a withholding bill that wipes out an entire year of benefits, or it can count as zero earnings against the limit. The difference comes down ...

You're currently following this author! Click to unsubscribe from email alerts. Rachel Wells, 24, is fairly new to being fully self-employed after a contract job got cut short and a tough job search.