Self-Employment Tax Is 15.3% on Top of Income Tax – Plan for It

When you work for yourself, you pay both the employee and employer share of Social Security and Medicare taxes. That comes to 15.3% on net self-employment income, on top of your regular income tax. Many first-year freelancers are blindsided by this. Set aside 25-30% of every payment you receive until you know your actual tax bill.

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