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 ...

If you have a job that produces a W2 plus a self-employed job, FICA taxes will first be taken from the W2 income amount. Then, the self-employment income will be taxed until the Social Security tax ...

To help offset the self-employment taxes, there are quite a few self-employment tax deductions you can take to lower your ...

Mike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to ...

Learn the 2025 and 2026 FICA tax rates, Social Security wage base limits and Medicare surtax thresholds. See what employees ...

Self-employed workers need to pay Social Security taxes. But those workers also have access to several deductions. Many, or all, of the products featured on this page are from our advertising partners ...

Anyone who starts their own business eventually needs to learn how to file taxes as a self-employed worker. The alternative, not filing taxes and seeing your back taxes bill balloon over the years, ...