Self-Employment

(redirected from Self Employed Person)
Also found in: Dictionary, Acronyms.

Self-Employment

The state of owning a business or working 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 ?
On profits of more than pounds 30,000, a self employed person pays combined income tax and National Insurance of pounds 7,234, compared to the pounds 3,645 in corporation tax paid by a limited company.
For self employed persons, drawings from their businesses will be used as evidence of income .
The site is an online resource for small business owners and self employed persons in Teignbridge and surrounding areas to access assistance with administration and bookkeeping.

Full browser ?