Freelance vs Full-time Key Terms Quiz

3 quick questions on the terms from the Freelance vs Full-time calculator. Answer one at a time, then see your full results at the end.

Question 1 of 3

"Self-employment tax" is...

A one-time registration fee for becoming self-employed The 15.3% tax freelancers pay, covering both the employee and employer share of Social Security/Medicare A state-level tax that only applies in certain states The tax freelancers pay on business equipment purchases

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Question 2 of 3

FICA refers to...

A federal tax credit for hiring freelance workers The insurance freelancers must carry for liability protection The US payroll tax funding Social Security and Medicare, split between employee and employer A retirement account exclusive to self-employed workers

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Question 3 of 3

The difference between 1099 and W-2 is...

1099 and W-2 are just two different tax filing deadlines 1099 is for part-time work; W-2 is only for full-time work 1099 applies to remote workers; W-2 applies to in-office workers 1099 means you're an independent contractor; W-2 means you're a formal employee with taxes withheld

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