Have a nice day, 1040-A!

Being your own boss has its advantages, but I think you're immune from Mister Taxman! Whether working for yourself or someone else, submitting your income tax is one of two definite things in life. You know each other, but it is too late :-)

As a self-employed to pay income taxes in a variety of ways and through a variety of different forms of internal Revenue Service.

Self-employment income must be reported on Form 1040, Schedule C (profit or loss from Business) or Form 1040, Schedule C-EZ (Net Profit from Business). Your Medicare and Social Security taxes are reported on Form 1040, Schedule SE (self employment tax).

You pay Medicare and Social Security taxes to the same way you pay income taxes. If you expect to owe less than $ 1,000 in total taxes, you can pay when you fill out your return.

However, if you expect to owe over $ 1,000, you must make estimated tax payments. These are made quarterly using Form 1040 ES (estimated tax for individuals). You need to understand these fees earlier this year.

The self employment tax rate of 15.3% were 12.4% for Social Security and 2.9% for Medicare. You must pay self-employment taxes and file Form SE if your 1040 net earnings of $ 400 or more.