Korrena Bailie has over a decade of experience reporting and editing personal finance stories and reviews. Her work has been featured in Wirecutter, The New York Times, Bankrate and Credit Karma.

According to the Internal Revenue Service, individuals who are compensated for providing services to others are classified either as employees or as self-employed individuals. The IRS rules differ ...

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 ...

This guide was reviewed by a Business News Daily editor to ensure it provides comprehensive and accurate information to aid your buying decision. Unlike W-2 employees, self-employed individuals do not ...

When filing your taxes with the IRS, listing your profession is even more important for the self-employed. This is one way the IRS determines whether your deductions are legitimate, as well as ...

A new federal form from the Internal Revenue Service aims to help the self-employed claim sick and family leave tax credits under the Families First Coronavirus Response Act. Eligible self-employed ...

Find out what you'll owe the IRS if you work for yourself. Employees understand how depressing it can be to have their paychecks get reduced due to the money their employers withhold from their ...