Self-Employment Taxes
If you take a job as an employee (receiving a W-2), your employer splits payroll taxes with you. However, if you work as a freelancer, consultant, or gig worker (receiving a 1099), the Internal Revenue Service (IRS) considers you self-employed.
You will be responsible for the full 15.3% self-employment tax, which covers both the employer and employee portions of Social Security and Medicare taxes. You must also remember to make quarterly estimated tax payments to avoid underpayment penalties.
Please send me information on part time jobs for seniors that they will enjoy.