Self-employed income

(redirected from Income from Self Employment)

Self-employed income

Taxable income of a person involved in a sole proprietorship or other sort of free-lance work.

Self-Employed Income

Net profit derived as the result of owning a business or for work as an independent contractor. In the United States, self-employed persons pay double the social security tax of employed persons, but are entitled to more tax deductions. One calculates self-employed income by taking one's gross income and deducting all business expenses. For example, a self-employed person working from home may deduct a certain percentage of his/her rent or mortgage and not pay taxes on that portion of his/her income. Self-employed income is reported to the IRS on Schedule C of the 1040 Form.
References in periodicals archive ?
They are followed by income from self employment a BGN 86.
38) In addition, in order to count as income from self employment, an item must qualify as net earnings from self-employment ("NESE").
Bearing in mind the average income from self employment is just pounds 12,513 a year, the FSB expects the Government to accept the principle that increasing personal allowances is the most effective policy to increase the return from work, not only to th e owners of non-incorporated businesses, but to all the low paid.

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