Self-employed income

(redirected from Income from Self Employment)

Self-employed income

Taxable income of a person involved in a sole proprietorship or other sort of free-lance work.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
According to court documents seen by theDaily Mail, her monthly income is listed as $3,747 ([pounds sterling]3,072,) while she makes $64,189 ([pounds sterling]52,622) in income from self employment a year and has $155,274 ([pounds sterling]127,293) in assets.
They are followed by income from self employment a BGN 86.
The reason is that income from self employment makes a major share (85%) in total non-farm income of households involved so widens the income gap between earners and non-earners.
(38) In addition, in order to count as income from self employment, an item must qualify as net earnings from self-employment ("NESE").

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