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Self-Employment
(redirected from self-employed person)

   Also found in: Dictionary/thesaurus, 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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According to a survey of consumer finances collected by the Federal Reserve in June, the average net worth of American families headed by a self-employed person is $1.
If this measure is approved by the legislature, "it will be a crime if a small businessman or self-employed person or any kind of small business does not issue a formal receipt for any sale that is transacted", he said.
The financial services desired by this group can be very different from those needed by a self-employed person in the retail sector.
 
 
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