Filing self-employment taxes is fairly straightforward. You basically tell the IRS how much you earn and subtract business expenses from that amount. Then, you calculate the tax you owe and pay it.

Self-employment means you work for yourself, and it comes in many forms. The category has significant ramifications, especially for your taxes. So it’s important to know if you have that status.

As a self-employed worker, you can also deduct the employer portion of the self-employment tax — 7.65% of your net earnings — from your gross income to arrive at your adjusted gross income (AGI).

How are self-employment taxes calculated? To calculate your self-employment taxes, take your net self-employment income, which is income minus deductible expenses, and multiply it by 0.9235 (92.35%).

There are some nuances to self-identification in certain situations, however, that will warrant a thoughtful approach to revising the voluntary self-identification forms for both sex and race.

You report your self-employment income on your regular income tax return, but you have to file a few additional forms. First, use Schedule C to calculate your net self-employment income.

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