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 ?
This bond not only helps EBRD finance key microcredit projects, but also serves to highlight the importance of improving access to finance for those underserved by banks, thereby helping them to better cope with risk and to increase their income from self-employment.
Although J's gross income is $42,000 ($40,000 salary + $2,000 other income), his income from self-employment is $60,000 ($40,000 salary + $18,000 housing allowance + $2,000 other income).
Taxpayers who are self-employed must pay self-employment tax on their income from self-employment.
If PPACA has a similar effect on prices as did these earlier reforms, then further increases in the deductibility of self-employed health insurance6 would not be expected to affect the numbers of those reporting at least some income from self-employment, but may increase the numbers of older taxpayers being exclusively self-employed.
She says she often sees mistakes, including choosing the wrong filing status, listing income from self-employment wages, or incorrectly stating which parent claims the children as dependents.
36) By operating in this way, the rules ensure that anyone whose income includes both wages from employment and income from self-employment will never be at a disadvantage to someone who does not have income from both sources.
Estimated taxes on income from self-employment and self-employment taxes are just some of the most common type of taxes franchises may be responsible for paying.
Income from self-employment, rent, royalties or joint ownership of a partnership or closely held corporation is calculated on gross receipts minus ordinary and necessary expenses.
Rural areas are also prominent among the districts where income from self-employment is lowest.
3 per cent or 1 million euros in 28 sectors studied, while taxes calculated on income from self-employment (pre-payment of income tax and income tax on self-employment) rose by 41.
The income from self-employment was the same during the third quarter of 2013 compared to the third quarter of 2012; it was BGN 94 per capita and the relative share within the total income decreased by 0.

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