Being your own boss can be rewarding, but one of the drawbacks is that you have to pay self-employment taxes. The self-employment tax is a 15.3% tax you’ll pay for Social Security and Medicare taxes if you’re a small business owner, sole proprietor, independent contractor, or freelancer. When you become self-employed, you’re responsible for calculating and withholding these taxes. If you’re not sure how to calculate the self-employment tax or budget for this expense, you’re in the right place. This artic ...