Self Employment Taxes

Self Employment Taxes

The Self-Employment Contributions Act (SECA) tax is the business owner”s version of the FICA tax that employees pay. Like FICA, it is made up of your “contributions” to both the Social Security and Medicare programs. However, the basic tax rate for the self-employed under SECA is 15.30 percent twice the 7.65 percent rate that employees must pay on their paychecks as FICA tax to reflect the fact that employees pay one-half the FICA tax and employers pay the other half.

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