What do you have to pay state and federal taxes if self employed?

WHAT or Why do you have to pay taxes. Because your are required to report all of your worldwide income on your 1040 income tax return.

You will need to report that income, and any related expenses, on Form 1040, Schedule C, Profit or Loss from the Business operation, or you may qualify to use Form 1040, Schedule C-EZ, TO determine your Net Profit from the Business operation. You will also need to use the Form 1040, Schedule SE, Self Employment Tax form to compute and report your social security and Medicare tax on the net profit from the business operation.

For instructions and forms go to the IRS gov web site and use the search box for publication 334 Tax Guide for Small Business a very good place to start with examples

Publication 463 Travel, Entertainment, Gift, and Car Expenses

Use the search box at the IRS gov web site for Small Business and Self-Employed Tax Center

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