KaterinaDalemans / Envato Think your Social Security check is yours to keep? Think again. Nearly half of all beneficiaries have some form of tax liability on their benefit payment, according to Pew Research. Simply put, if you earn a middle to high income, you’re likely to owe some of your benefits back to the government (1). Must Read Depending on your family’s combined provisional income, you could owe taxes on either 50% or 85% of your benefits (2). As of 2026, the combined provisional income thres ...

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 ...