Are there any tax obligations for a freelancer?
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As a freelancer in the USA earning income, what are the applicable taxes, including self-employment tax rates and thresholds? What are the specific quarterly tax obligations, and how should self-employed individuals calculate and remit these estimated taxes to avoid penalties?
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As a freelancer, you have to pay self-employment tax (15.3% for Social Security/Medicare on profits over $400) plus income tax. If your total tax is $1,000 or more, pay estimated taxes quarterly to the IRS using Form 1040-ES, either online or by mail, to avoid penalties.