Question 1

How much tax do freelancers pay?

Accepted Answer

Freelancers pay self-employment tax of 15.3% (12.4% Social Security + 2.9% Medicare) on top of their regular income tax. The effective tax rate depends on your total income, deductions, and filing status.

Question 2

When are quarterly tax payments due?

Accepted Answer

Quarterly estimated tax payments are due on April 15, June 15, September 15, and January 15 of the following year. If these dates fall on a weekend or holiday, the deadline moves to the next business day.

Question 3

What can freelancers deduct?

Accepted Answer

Common freelancer deductions include home office expenses, equipment and software, internet and phone bills (business portion), health insurance premiums, retirement contributions (SEP IRA, Solo 401k), mileage, professional development, and business travel.

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