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Self-Employment
(redirected from self-employed)

   Also found in: Dictionary/thesaurus, Encyclopedia, Wikipedia 0.01 sec.
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.


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For the purpose of determining self-employment tax, you are self-employed if you are a sole proprietor, an independent contractor, a member of a partnership, or are otherwise in business for yourself.
Mr Benfield said: "The attempt by HMRC to drive 350,000 workers from self-employed to employed status to raise pounds 350 million per annum in tax revenue is rather absurd when the recession has already caused perhaps 200,000 people to leave the industry.
Do you consider yourself self employed or have contractors that you consider to be self-employed Do the contractors turn up to work everyday, have tasks and assignments controlled by the employer, complete assignments on site using company property, and seem to be treated like an employee Do you consider yourself self employed or have contractors that you consider to be self-employed?
 
 
 
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