What Happens If You Dont Pay Self-employment Tax?
Self-Employment Tax Obligations Self-employment tax is mandatory for self-employed individuals and small business owners. It funds Medicare and Social Security. If earnings exceed specific thresholds, paying this tax is compulsory. Filings for Self-Employment Taxes File a yearly return and pay estimated taxes quarterly. If net earnings exceed $400, filing is mandatory. Professionals earning under $400 … Read more