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Employees split Social Security and Medicare taxes with their employer; the self-employed pay both halves, totaling 15.3% on net earnings up to the Social Security wage cap (Medicare continues above it). You can deduct half of it from income. Retirement-plan and other business deductions reduce the net earnings this tax is calculated on.
A freelancer owes self-employment tax on net profit in addition to regular income tax.
Self-employment comes with a higher tax burden — but also more legitimate deductions than W-2 employees ever access. Here is a comprehensive guide to what you can deduct and how to document it.
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