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In this tax tutorial, you will learn about self-employment income and the self-employment tax.
Self-employed individuals are independent contractors, not employees.
For a business owned by just one person, self-employment income, expenses, and profit or loss are reported on Form 1040, Schedule C, Profit or Loss From Business.
The self-employment tax is
The self-employment tax increases the total tax.
An adjustment to income of one-half of a taxpayer's self-employment tax decreases the income that is subject to income tax.