If you made money from a side hustle or gig work in 2022, tax time can feel stressful and confusing. We’re here to help.
Self-employment taxes are the Social Security and Medicare taxes individuals pay on wages outside of the regular W-2 they receive from their employer. Even if you don’t have your own business, the IRS will treat nonemployee compensation as self-employment income and will tax you as a sole proprietor. If you haven’t been putting enough money aside for taxes from your contractor earnings, the balance due on your taxes can come as a shock.
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