Self-employed income

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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 ?
Normally you would expect people in his position to either be salaried or in receipt of self employed income.
Anyone like you, whose self employed income is below this, should ask for a formCF10.
This benefit is available on any self employed income below $53,400 in a lesser amount 1.153 (Income {.9235 x Income})].

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