employment- jobs and career

Income Tax — Self employed individuals must prepare additional tax forms declaring revenue and expenses related to their work. Since your employer is no longer withholding income taxes from your paycheck, you will probably have to make estimated quarterly payments to federal and state tax agencies. The good news is that many of your expenses and benefits, including health insurance and retirement savings, are considered self-employment expenses and reduce your taxable income. You may also declare some household expenses related to your self-employment, such as phone service and auto use, as business expenses.
Benefits and Insurance — Whether self-employed or the owner of a small business, you have to provide your own benefits unless you still have coverage from a previous employer or Medicare. If you have employees, you will have to pay their Social Security (FICA) tax as well as the cost of any benefits you provide them. Health insurance alone will cost at least $3,000 to $5,000 per employee.
Financial — You have to spend money to make money. Be prepared to invest in your self-employment or small business. You may be able to finance your needs from savings or you may require loans from a bank or government agency such as the Small Business Administration. The need to take on debt or risk your own savings may not appeal to you.
Become the Boss or Just Get a Job?
Being self-employed and running your own business allows a lot of independence and sense of achievement. It also carries a lot of responsibility and requires skills and experience many people have not developed working for someone else. Be your own boss or just get a job that you enjoy? You know best what you prefer — there are always trade offs.