Being your own boss can be rewarding, but one of the drawbacks is that you have to pay self-employment taxes. The self-employment tax is a 15.3% tax you'll pay for Social Security and Medicare taxes ...

Jill A. Chafin is a personal finance writer specializing in transforming tough financial topics into easy-to-understand content with actionable steps. Prior to her role at Forbes Advisor, she wrote ...

Mike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to ...

What is self-employment tax? The federal self-employment tax is composed of Social Security and Medicare taxes, which are also known together as the Federal Insurance Contributions Act (FICA). For ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. The Good Brigade / Getty Images ...

When you're self-employed — earning a large chunk of your income as a freelancer, independent contractor, or small business owner — it can be challenging to meet the borrower requirements for a ...