self-employed


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Related to self-employed: freelancer

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.

self-employed

a person who provides his LABOUR (and management) services as a FACTOR INPUT to his own FIRM in the production of a good or service. Self-employed persons act as ENTREPRENEURS, undertaking the risks of running a business, providing some or all of its capital and often hiring EMPLOYEES to perform some of the jobs involved. Self-employed workers constitute a large proportion of workers in such industries as domestic electrical and plumbing services, specialist retailing and hairdressing. See LABOUR FORCE.
References in periodicals archive ?
The self-employed population has grown to represent around 15% of the UK workforce, but they are not included in the framework for automatic enrolment as there is no employer to default them into a workplace pension.
Tom McPhail, of financial services firm Hargreaves Lansdown, said: "These statistics point to an impending pension crisis for the self-employed.
But the Definitive Study of the Self-employed aims to challenge our assumptions.
He added that he would thoroughly evaluate other proposals on how to reform the tax system for self-employed individuals and professionals to ultimately benefit small businesses.
Self-employed people have traditionally paid lower NICS than employees because they received fewer state benefits.
The Bureau of Labor Statistics found that in 2015, 15 million people were self-employed, accounting for 10.
Department for Work and Pensions estimates suggest 62 per cent of self-employed men paid into a pension in the mid-1990s.
The Industries With the Most Self-Employed Workers Self-employed people as a percentage of U.
Our image of a self-employed person -- often distorted by movies, television shows or novels -- is that of a successful professional, usually male, who is a consultant, works out of an office full of high-tech gadgets and spends the workday visiting clients or writing reports, followed by an evening of wining and dining.
7m self-employed people like novelists, journalists, graphic designers, accountants, confectioners, financial advisors and online traders.
Self-employed RNs and NPs apply nursing knowledge, skill and judgement in the provision of health services to clients in a variety of roles and settings in the areas of direct care, education, research, administration or consultation.
However, after a complete review of the new federal law, the FTB has determined there is no difference between federal and state law with respect to the amount that self-employed taxpayers may deduct for health insurance premiums, including taxpayers who are allowed the IRC Sec.