Top Law and Government Legislation regarding 'Self-employed' in Federal Government

Small Business Tax Fairness and Simplification Act of 2007 - Amends the Internal Revenue Code to: (1) allow self-employed individuals to participate in cafeteria pension plans; (2) allow long-term care insurance under cafeteria plans and flexible spending arrangements; (3) allow accelerated amortization of certain intangible assets (e.g., good will) acquired from a small business; (4) increase the tax exclusion of gain from the sale of certain small business stock; (5) provide a $2,500 standard tax deduction for home business expenses; (6) permit certain small businesses to elect a taxable year ending in a month from April to November; (7) increase the allowable number of S corporation shareholders; and (8) exempt certain small businesses from withholding of tax requirements for payments made by government entities.

Exxon Valdez Oil Spill Tax Treatment Act - Allows taxpayers who are plaintiffs in the civil action In re Exxon Valdez, No. 89-095-CV (HRH) (Consolidated) (D. Alaska), or their heirs or dependents, to: (1) elect to average, for income tax purposes, income received in settlement of such civil action for the period beginning on January 1, 1994, and ending on December 31 of the year in which any settlement income is received; and (2) make contributions of any amount of such settlement income to certain tax-exempt retirement plans in the year such income is received.

No Social Security for Illegal Immigrants Act of 2007 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to exclude from creditable wages and self-employment income any wages earned for services by aliens performed in the United States, and self-employment income derived from a trade or business conducted in the United States, while the alien was not authorized to be so employed or to perform a function or service in such a trade or business.

Family Small Business Tax Fairness Act of 2007 - Amends the Internal Revenue Code to allow a married couple filing a joint tax return an election to conduct a trade or business as a qualified joint venture for purposes of determining separate net employment income. Defines "qualified joint venture" as an entity that is not treated as a partnership and that allows spouses to: (1) treat items of income and expense in accordance with their respective interests in the venture; and (2) conduct their business activities as sole proprietors.

Cancer and Terminal Illness Patient Health Care Act of 2007- Amends the Internal Revenue Code to waive the employee portion of the Social Security tax for any period in which a taxpayer has been certified by a physician as having cancer or a terminal illness or is the primary caregiver for a spouse, parent, or child with cancer or a terminal disease.

Reduces by 50 percent the rates of tax levied on a self-employed individual for old age, survivors and disability insurance and hospital insurance if a physician has certified that such individual has a terminal disease or cancer throughout the taxable year or is the primary caregiver for a spouse, parent, or child with a terminal disease or cancer.

Amends the Internal Revenue Code and title II (Old Age, Survivors, and Disability Insurance Benefits) of the Social Security Act to revise the optional method of computing the net earnings of self-employed individuals for purposes of determining social security benefit eligibility. Replaces the numerical formula for determining benefit eligibility with an indexed calculation based on a lower limit (the amount required under the Social Security Act for a quarter of coverage) and an upper limit (150 percent of the lower limit).