You might receive this document if you have freelance work, investment income, retirement distributions or other financial ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert.

The good news is that you can deduct half of the self-employment tax as an adjustment to income on Schedule 1 of Form 1040. This ultimately lowers your income tax, which is a different calculation.

Contributions to self-employed retirement plans are deducted on Form 1040 ... allowed to deduct it from their net business income. Both the self-employment tax and the deduction are calculated ...

This form reports payments made to people who are not employees. If you’re self-employed, you must file an annual income tax return, as well as pay estimated self-employment taxes quarterly.

But suppose you have income from self-employment, gig economy work ... Use the worksheet in the instructions for IRS Form 1040-ES to estimate how much you need to pay in quarterly taxes.

When you start a new job, your employer will ask you to complete a W-4 form. The IRS W-4 helps determine the correct amount of income tax your ... Note: Self-employed individuals and those with ...

This form is for anyone who pays estimated quarterly taxes. The estimated tax applies to any income not subject to withholding, including self-employment income, rents, interest, and dividends.

You may have to pay quarterly estimated taxes if taxes aren't withheld from your income. People with income from self-employment ... and instructions for IRS Form 1040-ES to calculate how much ...

Federal income taxes are due for most Americans on April 15, 2025. But suppose you have income from self-employment ... in the instructions for IRS Form 1040-ES to estimate how much you need ...