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How to file a W-4 form in 5 StepsStep 1: Enter your personal information. The first step is filling out your name, address and Social Security number.Step 2: Multiple jobs or spouse works.Step 3: Claim dependents.Step 4: Factor in additional income and deductions.Step 5: Sign and file with your employer.
How to Complete the New Form W-4Step 1: Provide Your Information. Provide your name, address, filing status, and Social Security number.Step 2: Indicate Multiple Jobs or a Working Spouse.Step 3: Add Dependents.Step 4: Add Other Adjustments.Step 5: Sign and Date Form W-4.
The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
Self-employment taxEmployers usually withhold 7.65% from each paycheck, and then match that to pay the required 15.3% FICA tax. Self-employed individuals pay the entire 15.3% by themselves, and are then able to deduct 7.65% that would have been paid by a traditional employer on their behalf.
As an independent contractor, if you made more than $400, you need to pay income tax and self-employment tax. If you save 30% of your earnings, you'll cover your small business and income taxes each quarter. The self-employment tax rate is 15.3%.