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💡 Who Is Subject to the Self-Employment Tax?

🚀 There are several types of workers that have to pay the self-employment tax.

💫 Freelancers

Freelancers, who function as independent workers taking on projects from various clients, are subject to self-employment tax when their income surpasses the $400 threshold.

💫 Independent Contractors

Independent contractors are similar to freelancers but often work with fewer clients on a more regular basis. Like freelancers, they are responsible for their own Social Security and Medicare taxes, which are covered under self-employment tax. For independent contractors, understanding the distinction between being an employee and a contractor is important.

💫 Gig Workers

Gig workers, participating in the gig economy through platforms like Uber or Airbnb, must also pay the self-employment tax if their income exceeds $400. These workers do not have an employer to withhold or pay Social Security and Medicare taxes on their behalf, making the self-employment tax their responsibility.

💫 Online Sellers

Online sellers, including eCommerce store owners or individuals selling goods on platforms like eBay or Etsy, are subject to the self-employment tax when their net earnings surpass $400. Given the online nature of their business, maintaining detailed sales records and expenses is crucial.

💻Source

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👕 Self-Employment Tax Calculation

The self-employment tax owed by an individual can be calculated with this formula:

➡️ First, determine your net earnings from self-employment, which means gross income minus allowable deductions.

➡️ Then, multiply this net amount by 92.35% to account for an allowed deduction for the portion of self-employment tax paid.

➡️ From this adjusted figure, calculate 15.3% to cover both the Social Security and Medicare charges.

➡️ For earnings exceeding thresholds set by the IRS (see the table below), add the Medicare surtax of 0.9%.

💻Source

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⭐️Example of the Self-Employment Tax

⏪For a clearer understanding, consider a freelancer with $50,000 in net earnings from self-employment in one year, and no allowed deductions. ⏩

Here is how to calculate the self-employment tax:

1️⃣ The initial self-employment tax calculation would involve reducing these earnings by 7.65% (to account for the employer portion of Social Security and Medicare), resulting in an adjusted income of $46,175.

2️⃣ The self-employment tax on $46,175 would be 15.3%, equalling approximately $7,065. This amount includes both the Social Security and Medicare portions and represents the tax obligation due from the freelancer for these federal programs.

3️⃣ In this example, the worker does not exceed any of the threshold amounts set by the IRS, so there is no additional amount for the Medicare surtax.

💻Source

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📆 Workplace Laws to Consider When Your Organization Works with Freelancers
#Freelancetips

⚡️ Here are seven areas that are governed by workplace laws, and where your organization needs to pay attention to make sure it remains two steps ahead of any penalties or legal action. Remember, many of these laws are only relevant for companies with 50 or more FTE:

💫 Employment Discrimination

💫 Wage and Hour Laws

💫 Workplace Safety and Health

💫 Workers’ Compensation

💫 Employee Benefits

💫 Privacy Rights

💫 Labor Relations

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