I've never freelanced, and since I was doing taxes, I was wondering, how do taxes work for freelancers in the US?
I read on a website, that freelancers get taxed about 48% of their eranings since they kind of act as their "empolyer" and "employee", which supposedly at a normal job, your employer pays taxes, and then you pay taxes(about 25% for myself).
Also, do you pay these taxes quarterly?(estimated tax).
I just have no clue how this whole thing works financialy. Maybe it's super easy, but there are so many things, like how the hell do they even know if you recieved money from someone?(assuming that that someone is NOT a company, but just one guy or something)
any insight anyone can shed on this would be awesome.
Thank you in advance.