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Are There Any Self Employment Taxes?

If you are thinking about working for yourself or if you recently started working for yourself you might be wondering if there any special self employment taxes that you have to pay when you quit your job to become self employed. In fact there are self employment taxes that need to be paid. Even if you are self employed you still need to pay taxes so that you are paying into the Social Security and Medicare systems in case you ever want to get money from Social Security or health care from Medicare.

It’s not two separate self employment taxes that have to be paid; it’s just one self employment tax that is 15% of your self employment earnings. So you’ll need to pay self employment taxes at the end of the year just like income taxes if you work for yourself. Self employment taxes are usually not that bad to have to pay especially if you are smart and start saving money early to pay your taxes at the end of the year. Most people who are self employed save a certain percentage of their income each month and set it aside to pay their taxes at the end of the year so that they don’t get stuck with a tax bill that might thousands of dollars.

It makes a lot of sense to pay your self employment taxes that way so if you are thinking about becoming self employed or if you are self employed you should start setting aside money every month for your end of the year tax bill. Self employment taxes and business taxes might seem kind of confusing when you first out being self employed but they’re not as scary as they seem. If you are someone that gets confused easily by convoluted tax law of if you don’t do well with math then you should probably think about hiring a tax professional to do your taxes for you at the end of the year. There are plenty of tax professionals that specialize in doing self employment taxes and small business taxes so it won’t be too hard to find a certified tax professional who can make sure that your taxes are done correctly. You can save a lot of money on your self employment taxes when you hire a professional to file them for you because a tax professional will know all the ins and out of the tax code and how to get you all the tax write offs that you’re entitled too. If you haven’t done your own taxes before and this is the first year that you have to file self employment taxes hiring an expert to file your taxes is definitely a smart thing to do.

If you want to learn more about self employment taxes you can take an online course and get certified in doing self employment taxes and then you can do your own self employment taxes every year. You might even be able to pick up extra work around tax time doing self employment taxes for friends that are self employed.

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