Story perspectives
Self-Employed Face 15.3% Tax: Key Dates Ahead!
1/23/2025
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Story summary
- Self-employed individuals face a 15.3% self-employment tax for Social Security and Medicare, alongside income taxes.
- This tax applies to earnings exceeding $400 from self-employment or $108.28 from church employment.
- To avoid penalties, estimated taxes must be paid quarterly, with deadlines set for 2024 and 2025.
- Deductions include the employer-equivalent portion of the self-employment tax and qualified business income deductions.
