Self-employed income

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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 ?
Normally you would expect people in his position to either be salaried or in receipt of self employed income.
Anyone like you, whose self employed income is below this, should ask for a formCF10.
This benefit is available on any self employed income below $53,400 in a lesser amount 1.
Although the maximum income ceiling is indexed for inflation yearly, most individual planning revolves around lowering self employed income below the ceiling amount.
With the addition of a full array of mortgage products from Impact Funding that includes loan programs with 100% home financing and self employed income," continued Mr.
0 includes a new Self Employed Income Analysis feature, new processing capabilities, improved ability to better manage processing logs, a new quick prequal and financial calculator and the ability to add a user's company logos to forms.

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