Self-Employed Face Higher Social Security Taxes
Self-employed individuals in the US face a combined 15% tax rate for Social Security and Medicare on their income. Unlike employees who pay 7.5% with their employer matching the other 7.5%, the self-employed bear the full burden up to certain income limits, with Medicare taxes continuing beyond those limits.
Topics
Developing
- 892d Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore.
- 892d Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.
- 892d Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est.
- 892d Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium.
Sources · 7 independent
WLS-AM 890 Chicago
“So on that self employed income, he basically got hit with 15% for the Social Security and the Medicare tax.”
Unlock the full story
Get a Pro subscription or above to see the live story progression and the full list of independent sources confirming each event as they happen.
Log in to upgrade