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Hello and thank you for using Just Answer.Although for tax purposes the contract would not be beneficial for your personal benefit it is usually a good idea to have a contract. A contract, in and of itself does not guarantee payment but certainly shows the obligation on their part if you do not get paid.
As a self-employed individual, generally you are required to file an annual return and pay estimated tax quarterly.
Self-employed individuals generally must pay self-employment tax (SE tax) as well as income tax. SE tax is a Social Security and Medicare tax primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners. In general, anytime the wording "self-employment tax" is used, it only refers to Social Security and Medicare taxes and not any other tax (like income tax).
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