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Social Security and the Implications of Self-Employment
Self-employment is substantially different from payroll-based employment, and the difference goes beyond the simple fact that self-employed workers face a double whammy on taxes. Payrolled workers, for example, pay FICA tax at the rate of 6.2%, while the self-employed pay twice that rate, but not necessarily on all their income. And it gets even more complicated when the self-employed are business owners, as explained in this series of Q&A snippets from Social Security specialist Tom Margenau on New Castle (PA) News. Check out his post here…