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Self-employment taxes are Social Security and Medicare taxes generally paid by people with net earnings from self-employment.
Self-employment taxes are Social Security and Medicare taxes generally paid by people with net earnings from self-employment.
Employees typically split Social Security and Medicare taxes with an employer, while self-employed individuals generally account for both portions through the self-employment tax system. The tax is separate from income tax, although both may be paid through estimated tax payments. Business owners should use current IRS guidance or a tax professional when calculating their obligations.