Self-employed tax returns

Same as any other...the source of the income is different. Some different things may be applicable to fill out... Those that are self-employed will have to pay self-employment tax four times a year. This ensures you that you will not have to pay one lump sum at the time your last return is filed. SE tax rate.The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance). Federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. You generally have to make estimated tax payments if you expect to owe tax, including SE tax, of $1,000 or more when you file your return. There are two ways to pay as you go: withholding and estimated taxes. If you are a self-employed individual and do not have income tax withheld, you must make estimated tax payments