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Self-Employed
You are self-employed if either of the following applies to you:
You carry on a trade or business as a sole as a sole proprietor; or
You are a member of a partnership or limited liability company that files a Form 1065, U.S. Return of Partnership, that carries on a trade or business.
You are also self-employed if you have a part-time business, in addition to your regular job.
Independent Contractor
The general rule is that an individual is an independent contractor if (the person for whom the services are performed) has the right to control or direct only the result of the work, and not what will be done and how it will be done or method of accomplishing the result.
People such as lawyers, contractors, subcontractors, public stenographers, and auctioneers who follow an independent trade, business, or profession in which they offer their services to the public, are generally not employees. The earnings of a person who is working as an independent contractor are subject to Self-Employment (SE) tax.
The form of business you operate determines what taxes you must pay and how you pay them. The following are the four general types of business taxes.
· Income Tax
· Self-Employment Tax
· Employment Taxes
· Excise Tax
Business Taxes
(Check out the articles on our site as we get more indepth)
(Check out the articles on our site as we get more indepth)
Who is considered self-employed?
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