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For in-person payments with a card, Square charges a fee of 2.6% + \$0.10 per transaction.
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For manually-entered payments or card-on-file payments, Square charges a fee of 3.5% + \$0.15 per transaction.
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For online payments or payments via invoice, Square charges a fee of 2.9% + \$0.30 per transaction. (If you're signed up for the Premium plan, the percentage fee is lower at 2.6%.)
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B

eing self-employed allows a certain amount of independence – you are your own boss, you choose your own hours, and many more benefits can be found in self-employment. But with this independence comes an increased responsibility. As your own boss, you have to take care of all of your finances instead of just getting a check ready to go into your account on payday. That also means doing your own taxes at the beginning of each new year – that’s right, it’s tax time! But how do you calculate your taxes as an individual or small business?

Not everyone has access to that information, but it’s becoming more commonplace as time goes on. That’s why this article will run you through the tools you need to calculate your taxes as a person that is self-employed.

## Before We Start

It’s important to note that there are distinctions in tax forms for people that are self-employed depending on what work they are doing. People that run a small business would fill out their tax forms differently than a person who owns a farm, and both of those people would file differently than an independent contractor. Keep this in mind, and what kind of self-employment you fall under, before filing.

### Tax Filing Similarities

Even though there is a big difference between owning a small business or farm and working as a self-employed individual, certain things about filing taxes remain the same for all people. Anyone who is self-employed must file a Schedule SE (Form 1040, to be exact). This form is like the self-employment version of W-2 paperwork you would receive from your employer if you worked under a company. This form has an employment tax rate that applies to all people regardless of circumstances or employment income, and is very important to fill out during tax season as, once again, it acts as the W-2 that businesses use to calculate tax on your income if you work for a business. When in doubt, follow the prompts on the Schedule SE or ask a professional for clarification on points that confuse you in the form.

Now that you know a little more about the difference between types of self-employment and what forms to be looking out for and fill for your taxes, it’s time to bust out that tax calculator and get to work! Seek assistance as necessary, and good luck!

Updated
January 23, 2020
in
Banking 101
category

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