February 6, 2025
Freelance Taxes: A Simple Guide for Independent Contractors
Freelancing offers perks, but taxes can be complicated. As an independent contractor, you’re responsible for paying estimated quarterly taxes (due January 15, April 15, June 15, and September 15) – typically setting aside 30-35% of each paycheck to cover both federal income tax and a 15.3% self-employment tax. This tax covers Social Security and Medicare contributions. You’ll file Form 1040
