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Did you know that if you are a US citizen and you are earning any income from streaming you might be on the responsible for paying taxes on the donations you receive? Despite their misleading name, donations are not tax free like the kinds of donations you give to a charity. They are taxable income! Self-Employment Taxes Streamers are self-employed earners. That is one of the beauties of your online streaming job. There is no one to tell you what to do or when to do it. You also get to take home whatever income you generate. However, there is one downside that you do not want to overlook. As a self-employed earner, the IRS considers you both an employer and employee. You and your business are one and the same in the eyes of the IRS. You may have noticed in the past, that when you get a check from an employer, there is some money withheld for taxes. This is not case when you are self-employed. It is your responsibility to pay the taxes out of your gross income, including Social security and Medicare tax. Social Security and Medicare taxes are separate from income taxes so it can be quite the surprise to realize you owe 15.3% more than you thought you would. This means that as a online streamer you will have to set aside some extra money from your income. Income Taxes This one should be more familiar to you if you have worked for someone else before. Your income tax is the one that everyone talks about when they are talking about paying taxes.