Self-employed income

(redirected from Self-Employed Incomes)

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 ?
His call came as the respected Institute for Fiscal Studies revealed self-employed incomes have fallen 14 per cent since 2010 when Mr Cameron went into No10.
While self-employed incomes are prone to understatement, their claimed working hours may be prone to overstatement, at least in relation to employees.
In contrast to research on self-employed incomes, studies of household wealth typically find a "tight relationship between being an 'entrepreneur' and being rich" (Cagetti & De Nardi, 2006, p.

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