independent contractor rates | BTCC Knowledge

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How much tax do independent contractors pay?

The tax rate is 15.3% on net earnings from self-employment up to $168,600 in 2024 ($160,200 for 2023) and 2.9% on net earnings above that threshold. Other federal tax: Independent contractors may need to pay other federal taxes depending on their particular financial situation.

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%?

What is an independent contractor?

Another term for an independent contractor is freelancer. Independent contractors are not employees, nor are they eligible for employee benefits. They do not have taxes withheld from their paychecks but instead must pay estimated income taxes in advance through quarterly payments.

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