1099-MISC, Independent Contractors, and Self-employed
Question: I am self-employed. How do I report my income and how do I pay Medicare and Social Security taxes? |
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Answer: You are a sole proprietor if you are the sole owner of a business that is not a corporation:
Note: The Federal tax system is based on a pay-as-you-go plan. Tax is generally withheld from employees' wages or salary before they get it. However, tax is generally not withheld from self-employment income. Thus, you may be required to make estimated tax payments. Publication 505, Tax Withholding and Estimated Tax, provides information on making estimated tax payments. |
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