Contact us at 888-727-8796 if you need assistance with your foreign or domestic tax problem (and yes, your information will be subject to the attorney client privilege). We’ve successfully assisted thousands of clients deal with IRS issues. You can also email us at info@irsmedic.com. www.irsmedic.com https://www.irsmedic.com/2016/01/04/self-employment-tax/ One of the WORST surprises when you first become self-employed is your first April 15th. That's when you learn the taxes you owe to the IRS are probably more than you expected --- usually because of the nasty hidden self-employment tax rate of 15.3% (2015). When you are an employee, your employer pays for half this tax, and the other half is gradually deducted from your pay. However, as self-employed business person, you are responsible for all of it. And you might not have set aside enough to pay the entire bill. And worse, that first April 15th, your first quarterly estimated tax payment is due to the IRS as well. And worse, your next "quarterly" tax payment isn't due on July 15th as you would think (with quarters being 3 months long). But no. According to IRS logic, the 2nd quarter estimated payment is due June 15th! And this is why, many people who never hated the IRS so much when they were employees, really find the IRS quite annoying as they head into business for themselves. -~-~~-~~~-~~-~- Please watch: "How to deal with the IRS like a tax attorney would" ➨ https://www.youtube.com/watch?v=q-XkXUm5IhQ -~-~~-~~~-~~-~-