Social Security taxes for the self-employed
Most of those who work for an employer don’t pay a lot of attention to Social Security taxes – they just know they are deducted from every paycheck. Many may not even know that their employer pays the government an equal amount of Social Security payroll tax on their behalf, making the total amount of taxes paid 12.4% to Social Security and another 2.9% of all wages to Medicare. But the rules are different for the self-employed, who must pay both the employee and employer portion of Social Security and Medicare payroll taxes. In this article from the Social Security Administration appearing in the Decatur, IL Herald&Review, columnist Jack Meyers offers a guide to Social Security taxes for the self-employed. Click here to read more.