how much federal tax is taken out of my paycheck in illinois

Get the latest headlines on Wall Street and international economies money news personal finance the stock market indexes including Dow Jones NASDAQ and more. In addition to regular income tax freelancers are responsible for paying the self-employment tax of 153 in 2021.

This tax represents the Social Security and Medicare taxes that ordinary employees have taken out of their paychecks automatically.

. When youre self-employed you are your own bosswhich is great news until tax time. Be informed and get ahead with.

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