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Unit 1 Lesson 8 Homework Questions Name: ___ Date: ___1. Suggest two benefits selfemployed people might enjoy. Suggest two disadvantages of selfemployment.Would you prefer to be selfemployed? Why
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How to fill out self-employed vs employed pros

01
Evaluate the benefits of being self-employed, such as flexibility and autonomy.
02
Consider the stability and security of being employed by a company.
03
Compare the financial implications of self-employment, including taxes and expenses, with those of traditional employment.
04
Research the legal and administrative requirements for self-employment versus being an employee.
05
Seek advice from professionals or mentors who have experience in both self-employment and traditional employment.

Who needs self-employed vs employed pros?

01
Individuals who value freedom and control over their work schedule and projects may benefit from self-employment.
02
People who prefer a steady income, benefits, and job security may be better suited for traditional employment.

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Self-employed individuals have the freedom to set their own hours, work on projects they choose, and keep all earned profits, but they must manage their own taxes and benefits. Employed individuals receive a steady paycheck, benefits like health insurance, and have taxes withheld by their employer, but they may have less flexibility and autonomy.
Self-employed individuals must file a Schedule C form to report income and expenses, while employed individuals typically receive a W-2 form from their employer for reporting income, with no additional filing needed unless they have other income sources.
Self-employed individuals fill out a Schedule C form detailing their business income and deductions, while employed individuals use the W-2 form provided by their employer to report earnings when filing their tax return.
The purpose is to clarify the tax obligations, income reporting methods, and benefits available for self-employed individuals compared to those who are employed by a company.
Self-employed individuals must report all business income and expenses on their Schedule C, whereas employed individuals report their total wages from a W-2 form and any additional income sources.
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