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Social Security a bit different for the self-employed
You may know that 6.2% Social Security payroll tax is deducted from worker paychecks. Employers pay the same amount as well, but self-employed people pay the combined 12.4%, or a combined 15.3% when Medicare tax is included. The process to actually pay is a bit different, though, as the self-employed must report earnings on Schedule SE, in addition to filing other necessary tax forms. Read the full piece here.
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