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as an independent contractor how do i pay taxes Bnb XRP aave Bonk coinbase futures litecoin futures cardano futures

Do independent contractors have to pay taxes?

Payers are required to have these completed and postmarked by the end of January each year. For tax purposes, the IRS treats independent contractors as self-employed individuals. That means you’re subject to a different set of tax payment and filing rules than employees.

Can an independent contractor file a separate business tax return?

An independent contractor who structures their business as a corporation, a partnership or an LLC with more than one member may file a separate business tax return. In the U.S., federal income taxes operate on a pay-as-you-go system, meaning you generally can’t wait until the end of the year to calculate your taxes and pay what you owe.

How much tax do independent contractors pay in 2022?

For 2022, you’ll pay a 15.3% self-employment tax on 92.35% of your net self-employment earnings, which are your earnings as an independent contractor minus ordinary and necessary business expenses. Why 92.35% instead of 100%?

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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