What tax forms do I need for self-employment?
An example of an AI chatbot conversation about self-employment tax forms and requirements.
What tax forms do I need for self-employment?
As a self-employed individual, you'll typically need to file a Schedule C (Form 1040) to report your income and expenses.
Do I need to pay self-employment tax?
Yes, self-employed individuals must pay self-employment tax, which covers Social Security and Medicare taxes.
What is the self-employment tax rate?
The self-employment tax rate is 15.3%, which includes 12.4% for Social Security and 2.9% for Medicare.
Are there any deductions I can take?
Yes, you can deduct business expenses, and half of your self-employment tax can also be deducted from your taxable income.
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