1099-MISC is a tax form used to report various types of miscellaneous income to the Internal Revenue Service (IRS), essential for individuals and businesses, particularly those involved in self-employment.
An overview of the 1099-NEC form used for reporting nonemployee compensation in the United States, introduced in 2020 to simplify and distinguish it from other income types.
A comprehensive guide to understanding the nuances of a Contract for Services, distinguishing it from a Contract of Employment, with historical context, categories, key events, explanations, examples, and more.
Detailed Overview of Estimated Tax Payments, Including Definitions, Examples, and Requirements
An in-depth look at freelancers, covering definitions, types, applicability, history, and related concepts.
Freelancing involves working on a project basis, often without long-term commitments to a single employer. Freelancers enjoy flexibility in their work schedules and the freedom to choose their clients and projects.
An in-depth guide to understanding home-based businesses, including definitions, types, examples, benefits, challenges, and historical context.
An in-depth exploration of income from self-employment, encompassing historical context, types, key events, detailed explanations, and more.
An in-depth look at net earnings from self-employment, including definitions, calculations, examples, historical context, and related terms.
An in-depth look at SE Tax, covering Social Security and Medicare taxes for the self-employed, including definitions, types, calculations, and applicability.
The tax obligation for self-employed individuals covering both employee and employer contributions.
An in-depth exploration of self-employment, covering definitions, types, key events, and practical considerations.
The Self-Employment Individuals Retirement Act, commonly referred to as the Keogh Plan, is a significant provision in U.S. retirement law enabling self-employed individuals and small business owners to create tax-deferred retirement accounts.
An in-depth look at sole proprietorship, its history, benefits, drawbacks, applicability, and key considerations.
An in-depth exploration of the Sole Trader business structure, its significance, historical context, key features, comparisons, and more.
A solopreneur is an entrepreneur who manages their business without any employees. This entails handling all aspects of the business independently.
Activities involving physical and/or mental effort encompassing paid employment, self-employment, voluntary work, and housework.
A comprehensive examination of the role, responsibilities, and legal implications of contractors, with a focus on independent contractors.
An independent contractor is a self-employed individual who provides services to another entity under terms specified in a contract or within a verbal agreement.
A lifestyle business is a small business that reflects the general lifestyle of the individual entrepreneur. These businesses are not high-growth enterprises; instead, their principal objective is to earn a sufficient income.
Schedule C is a tax form used by individuals to report income and expenses associated with their business or self-employment activities, calculating profit or loss.
An in-depth look at the Self-Employment Contributions Act, its implications, historical context, applicability, and related concepts.
A detailed exploration of self-employed individuals, including types, tax responsibilities, risks, and historical context.
A comprehensive guide to the Self-Employment Contributions Act (SECA), the federal law imposing the self-employment tax on individuals earning income through self-employed activities.
An in-depth analysis of self-employment income, coverage under Social Security, tax implications, and special considerations for self-employed individuals.
A Keogh Plan is a tax-deferred pension plan specifically designed for self-employed individuals and small business owners.
A comprehensive guide to Social Security Tax, including the old-age, survivor's, and disability (OASDI) portion of the tax assessed on compensation and self-employment earnings under the Federal Insurance Contributions Act (FICA).
A comprehensive exploration of self-employment, covering its definition, various types, benefits, and key considerations for those pursuing this form of work.
