What’s the deal with self-employment tax?
Self-employment tax covers Social Security and Medicare for your business profits.
The Narrative
The Empathy
You hear about self-employment tax and worry it will wipe out your profits. It is confusing to know how much to set aside.
The Education
Self-employment tax is calculated on net profit, not total sales. It is separate from income tax, which is why the total tax bill can feel higher. Estimating it quarterly helps avoid surprises at tax time.
The Solution
Track your net profit each quarter and set aside a percentage for self-employment tax. Use tax software or a professional to estimate accurately. Planning ahead makes it manageable.
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