Gary Wilson, CPA​​​​​​​​​​​

Accounting and Tax Preparation                                                 

(614) 361-4760 * Westerville, Ohio 


We're here to make the accounting and tax preparation user friendly! ​​

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SELF-EMPLOYED BUSINESS

Generally, you are self-employed if any of the following apply to you.

  • You carry on a trade or business as a sole proprietor or an independent contractor.

  • You are a member of a partnership that carries on a trade or business.

  • You are otherwise in business for yourself (including a part-time business)


What are My Self-Employed Tax Obligations?

  • As a self-employed individual, generally you are required to file an annual return and pay estimated tax quarterly.

  • Self-employed individuals generally must pay self-employment tax (SE tax) as well as income tax. SE tax is a Social Security and Medicare tax primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners.

  • In general, anytime the wording "self-employment tax" is used, it only refers to Social Security and Medicare taxes and not any other tax (like income tax).


https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center