You are responsible for setting aside and paying your own income tax and self-employment tax (effectively the employee’s and the employer’s share of Social Security and Medicare taxes). The businesses you work for do NOT withhold or pay taxes on your behalf.
You are not eligible to collect unemployment insurance benefits.
You are not covered by workers’ compensation insurance benefits unless you purchase a policy from an insurance carrier.
The businesses you work for are required to give you a Form 1099 MISC if they have paid you $600 or more during the year.
You may deduct business expenses on Schedule C of your income tax return. You may also depreciate the cost of most business assets.
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