Self-employment income refers to the earnings generated by individuals who work for themselves rather than being employed by a company or organization. This income is subject to Social Security taxes if the net profit from the trade or business is at least $400 for the year. In some cases, earnings less than $400 might still be considered for Social Security purposes.
The Self-Employment Individuals Retirement Act, commonly known as the Keogh Plan, is a retirement plan designed for self-employed individuals and small business owners, allowing them to save for retirement with tax-deferred contributions.
A SEP-IRA (Simplified Employee Pension) is a retirement savings plan designed for self-employed individuals and small business owners, allowing them to make contributions toward their own and their employees' retirement savings.
A SEP-IRA is a retirement plan specifically designed for self-employed individuals and small business owners, allowing for tax-deferred growth of retirement savings.
