Self-employed
Self-employed
Self-employed (/ˌsɛlf ɪmˈplɔɪd/) refers to an individual who earns income directly from one's own business, trade, or profession rather than as a specified salary or wages from an employer.
Etymology
The term "self-employed" is derived from the combination of the word "self," meaning one's own person, and "employed," which originates from the Latin word "employare," meaning to engage or use.
Definition
A self-employed individual, also known as an independent contractor, freelancer, or sole proprietor, operates their own business or trade without the legal distinction of a registered company or partnership. They are not employed by a company, but they may work for several clients at a time.
Related Terms
- Freelancer: A self-employed person who offers services to multiple clients at one time.
- Independent contractor: A self-employed individual who provides goods or services under terms specified in a contract with another party.
- Sole proprietorship: A type of enterprise owned and run by one person, where there is no legal distinction between the owner and the business.
- Entrepreneur: An individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
- Gig economy: A labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs.
Taxation
Self-employed individuals are responsible for their own tax obligations, including paying into Social Security and Medicare systems. They may also be eligible for certain tax deductions related to their business expenses.
Insurance
Self-employed individuals are typically responsible for their own health insurance and may also need to provide their own liability insurance, depending on the nature of their work.
External links
- Medical encyclopedia article on Self-employed
- Wikipedia's article - Self-employed
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