Do I need to pay taxes as a self-employed individual?

The duty to pay taxes rests solely with self employed registration persons. Throughout most nations employing residents must cover tax on their incomes along with mandatory taxes for self-employed professionals that surpass income tax such as Social Security and Medicare in America and National Insurance in Great Britain. Self-employed taxpayers submit their reports once a year for filing yet sometimes need to pay estimated taxes four times throughout the year. Each individual responsible for tax payments needs to preserve detailed financial records along with tax funding preparations.