What are the tax implications of being self-employed?
If you’re self-employed, you’ll generally pay taxes on a quarterly basis. Employees have taxes withheld from their salary, but self-employed people don’t. The self-employed generally remit tax payments quarterly with coupons to both the federal and state taxing authorities. And the onus is really on the self-employed person to figure out what tax they owe and that is based on their net income, what they actually collect from their clients, less the expenses that they have that are deductible.
