Self-Employment

(redirected from Self Employed Persons)
Also found in: Dictionary, Wikipedia.

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 ?
The NSW Government Commission for Children and Young People requires that from 1 May 2011 all self employed persons who have direct unsupervised contact with children in their employment must hold a Certificate for Self Employed People issued by the Commission.
Fines and other penalties may apply if after 1 May 2011 a self employed person has unsupervised contact with a child while undertaking their employment,but does not hold the Certificate.
Self employed persons can request the certificate on their own behalf.

Full browser ?