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Freelancers may love their freedom, but they don't always love the financial uncertainty that goes with being an independent contractor. According to a recent survey by CreditDonkey.com, while 92 ...
Taxes are already complex, but gig workers and freelancers have additional factors to consider. — Getty Images/Pra-chid Gig workers have different obligations than those of traditional W-2 workers.
Jones explained that you can use the IRS Estimated Tax for Individuals Worksheet, form 1040-ES, to calculate and [pay your estimated tax for the year. A tax professional can also help you ...
The distinction between independent contractor and employee is an important one in the United States, as the costs for business owners to maintain employees are significantly higher than the costs associated with hiring independent contractors, due to federal and state requirements for employers to pay FICA (Social Security and Medicare taxes) and unemployment taxes on received income for ...
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.
The 2010 Tax Relief Act reduced the self-employment tax by 2% for self-employment income earned in calendar year 2011, [7] for a total of 13.3%. This rate will continue for income earned in calendar year 2012, due to the Temporary Payroll Tax Cut Continuation Act of 2011 . [ 8 ]
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