Self-employment offers many advantages, including flexibility and the potential for higher income. However, it also comes with certain responsibilities, one of which is understanding and managing self-employment taxes. Unlike traditional employees, self-employed individuals must navigate a more complex tax landscape. In this comprehensive guide, we will explore the basics of self-employment taxes, covering everything from what self-employment taxes are and how they are calculated to important deductions and compliance requirements. Table of Contents 1. What Are Self-Employment Taxes? Self-employment taxes are a combination of Social Security and Medicare taxes, collectively known as the Federal Insurance Contributions Act (FICA) tax. When…