Self-employment

self-employedSelf–employedself-employment taxself employmentself employedbeing your own bossher ownindependent contractorindividualsowner-operators
Self-employment is the state of working for oneself rather than an employer.wikipedia
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Federal Insurance Contributions Act tax

FICASocial Security and Medicare taxespayroll tax
The self-employment tax in the United States is typically set at 15.30%, which is roughly the equivalent of the combined contributions of the employee and employer under the FICA tax.
A tax similar to the FICA tax is imposed on the earnings of self-employed individuals, such as independent contractors and members of a partnership.

Employment

employeeemployeremployees
Self-employed people generally find their own work rather than being provided with work by an employer, earning income from a trade or business that they operate.
When an individual entirely owns the business for which they labor, this is known as self-employment.

Independent contractor

contractorindependent contractorscontractors
In the United States, any person is considered self-employed for tax purposes if that person is running a business as a sole proprietorship, independent contractor, as a member of a partnership, or as a member of a limited liability company that does not elect to be treated as a corporation.
Many people simply like the idea of "being your own boss." Aside from materialistic benefits, many people simply enjoy not having to answer to a supervisor.

Social Security (United States)

Social SecuritySocial Security ActSocial Security Administration
In addition to income taxes, these individuals must pay Social Security and Medicare taxes in the form of a SECA (Self-Employment Contributions Act) tax.
For self-employed workers (who technically are not employees and are deemed not to be earning "wages" for federal tax purposes), the self-employment tax, imposed by the Self-Employment Contributions Act of 1954, codified as Chapter 2 of Subtitle A of the Internal Revenue Code, is 15.3% of "net earnings from self-employment."

Solo 401(k)

Self-Employed 401kSolo 401(k) plans or Individual(k) plans
There is also a vehicle called the Self-Employed 401k (or SE 401k) for self-employed people.
Self-employed workers who qualify for the Solo 401(k) can receive the same tax benefits as in a general 401(k) plan, but without the employer being subject to the complexities of ERISA.

Convention on the Rights of Persons with Disabilities

CRPDUN Convention on the Rights of Persons with DisabilitiesUnited Nations Convention on the Rights of Persons with Disabilities
Convention on the Rights of Persons with Disabilities, Article 27
6) Promote opportunities for self-employment, entrepreneurship, the development of cooperative and starting one's own business.

Trade

tradingmercantileexchange
Self-employed people generally find their own work rather than being provided with work by an employer, earning income from a trade or business that they operate.

Business

for-profitenterprisefirm
Self-employed people generally find their own work rather than being provided with work by an employer, earning income from a trade or business that they operate.

United States

American🇺🇸U.S.
In the United States, any person is considered self-employed for tax purposes if that person is running a business as a sole proprietorship, independent contractor, as a member of a partnership, or as a member of a limited liability company that does not elect to be treated as a corporation. In some countries governments (the United States and United Kingdom, for example) are placing more emphasis on clarifying whether an individual is self-employed or engaged in disguised employment, often described as the pretense of a contractual intra-business relationship to hide what is otherwise a simple employer-employee relationship.

United Kingdom

British🇬🇧UK
In some countries governments (the United States and United Kingdom, for example) are placing more emphasis on clarifying whether an individual is self-employed or engaged in disguised employment, often described as the pretense of a contractual intra-business relationship to hide what is otherwise a simple employer-employee relationship.

Tertiary sector of the economy

tertiary sectorservice sectorservices
Although the common perception is that self-employment is concentrated in a few service sector industries, like sales people and insurance agents, research by the Small Business Administration has shown that self-employment occurs across a wide segment of the U.S. economy.

Insurance broker

insurance agentinsurance brokingagent
Although the common perception is that self-employment is concentrated in a few service sector industries, like sales people and insurance agents, research by the Small Business Administration has shown that self-employment occurs across a wide segment of the U.S. economy.

Small Business Administration

SBAU.S. Small Business AdministrationSmall Business Act
Although the common perception is that self-employment is concentrated in a few service sector industries, like sales people and insurance agents, research by the Small Business Administration has shown that self-employment occurs across a wide segment of the U.S. economy.

Partnership

partnerpartnershipspartners
In the United States, any person is considered self-employed for tax purposes if that person is running a business as a sole proprietorship, independent contractor, as a member of a partnership, or as a member of a limited liability company that does not elect to be treated as a corporation.

Limited liability company

LLClimited liability companieslimited liability corporation
In the United States, any person is considered self-employed for tax purposes if that person is running a business as a sole proprietorship, independent contractor, as a member of a partnership, or as a member of a limited liability company that does not elect to be treated as a corporation.

Medicare (United States)

MedicareMedicare (US)Medicare Part B
In addition to income taxes, these individuals must pay Social Security and Medicare taxes in the form of a SECA (Self-Employment Contributions Act) tax.

Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

2010 Tax Relief Act111-3122010 tax deal
The 2010 Tax Relief Act reduced the self-employment tax by 2% for self-employment income earned in calendar year 2011, for a total of 13.3%.

Middle Class Tax Relief and Job Creation Act of 2012

payroll tax cut extensionearly 2012 tax dealpayroll tax cut
This rate will continue for income earned in calendar year 2012, due to the Temporary Payroll Tax Cut Continuation Act of 2011.

Tax deduction

tax-deductibledeductionstax deductible
Self-employed persons sometimes declare more deductions than an ordinary employee.

401(k)

401k401(k) plan401(k) plans
Self-employed workers cannot contribute to a company-run 401k plan of the type with which most people are familiar.

SEP-IRA

SEPretirement accountSimplified Employee Pension Plan (SEP) IRA
Many set up a Simplified Employee Pension Plan (SEP) IRA, which allows them to contribute up to 25% of their income, up to $54,000 (2017) per year.

Federal Reserve Bank of Atlanta

AtlantaAtlanta FRBAtlanta Monetary Museum
A 2011 study from the Federal Reserve Bank of Atlanta and Pennsylvania State University looked at U.S. self-employment levels from 1970 to 2000.

Pennsylvania State University

Penn StatePenn State UniversityPennsylvania State College
A 2011 study from the Federal Reserve Bank of Atlanta and Pennsylvania State University looked at U.S. self-employment levels from 1970 to 2000.

Bureau of Economic Analysis

Bureau of Economic Analysis (BEA)Director of the Bureau of Economic AnalysisEconomic and Statistical Analysis
According to data from the U.S. Bureau of Economic Analysis, the absolute number of people registered as non-farm proprietors (NFPs) or self-employed in metropolitan counties grew by 244% between 1969 and 2006, and by 93% in non-metropolitan counties.

Poverty

poorlow-incomeindigent
In non-metropolitan counties, the study found that increased levels of self-employment were associated with strong increases in per capita income and job creation and significant reductions in family poverty levels.