Overall, the updated Schedule SE tax form and instructions for 2023 and 2024 aim to make it easier for self-employed individuals to report their income and pay their self-employment tax.

Sole proprietorships without employees need to know how to fill out Schedule C and Schedule SE.

Schedule SE requires you to multiply your net earnings by the self-employment tax rate of 15.3 percent. This tax rate includes the SSI tax as well as the Medicare tax that you also must pay.

IRS Self-Employment Codes. When filing your taxes with the IRS, listing your profession is even more important for the self-employed. This is one way the IRS determines whether your deductions are ...