Do freelancers have to pay tax?

freelancers tax

Asked on October 7, 2023 in Freelancing.
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    Yes, freelancers have to pay tax. In the United States, freelancers are considered self-employed and are responsible for paying both income tax and self-employment tax.

    Income tax is a tax on your earnings, and the amount you owe depends on your tax bracket. Self-employment tax is a social security and Medicare tax that you pay on your earnings. The self-employment tax rate is 15.3% in 2023.

    Freelancers typically pay their taxes quarterly. You can make estimated tax payments throughout the year, or you can pay your taxes in full after you file your tax return.

    Answered on October 7, 2023.
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