Career and Income — The realities of working for yourself.
Gig and freelance work trade the steady paycheck of a job for flexibility and independence.
Freelancers set their own schedule but face irregular income and no employer benefits like insurance or a retirement match. They also handle their own taxes.
Self-employment tax: Self-employed people cover both the employee and employer share of Social Security and Medicare, since no employer pays half.
Because nothing is withheld, freelancers should set aside a portion of each payment and often pay estimated taxes quarterly.
A bigger emergency fund and a mix of clients protect against the income swings of gig work.
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