Posted by JHyre in Ohio on March 02, 2002 at 05:55:29:
Income taxes and the full 15% of FICA and FUTA taxes (social security). File 1040 and Schedule SE. Medical insurance is partially deductible, auto and other relevant expenses should also be deductible within usual limits.
John Hyre
Tax confusion: Self-employment income - Posted by Sandy, Dallas
Posted by Sandy, Dallas on March 01, 2002 at 14:09:08:
My husband is an IT professional who normaly works for the recruitment agency. But this year he had to work 4 months as an independent contractor. He did not pay any taxes from his paychecks during those 4 months. Now we are confused: what taxes does he owe for being self employed? What forms does he need to fill? (1040 schedule SE mabe?) Can he deduct his medical insurance, auto and other expenses for those 4 months?