What are some of the Tax Considerations for Self-Employed

If you are self-employed -- regardless of whether you own your own business or you moonlight for extra money -- you will probably have to pay taxes to the Internal Revenue Service on a quarterly basis rather than annually. If you're self-employed, the companies you do work for most likely will not withhold taxes from their payments to you. But you can't simply wait until the end of the year to pay the IRS. Instead, you will have to pay income tax quarterly. Also, keep in mind that as self-employed, in addition to Federal and State taxes, you will have shell out to the IRS 15.3% of your net income (gross income less business expenses) representing Social Security and Medicare taxes.