Antitrust Law

Asbestos Law

Civil Rights Law

Communications Law

Contract Law

Dispute Resolution

Divorce Law

Education Law

Family Law

Health Law

Immigration Law

Incorporation

Internet Law

Intellectual Property

Landlord Tenant Law

Law Schools

Lawsuit Funding

Lemon Law

Medical Malpractice

Other Law Fields

Personal Injury

Prepaid Legal Services

Structured Settlement

Tax Law

Workers Comp

 

Free Legal Advice

Online Legal Forms

Legal Answers

Legal Definitions

Advertise on LDB


 

 

Do I have to Pay Self Employment Taxes

Navigation:  Home > Tax Law > Do I have to Pay Self Employment Taxes?

 

Both the short and long answer to this question is the same: Yes, you do have to pay Social Security and Medicare taxes.  Self Employment taxes are calculated on Schedule SE, which you are required to file if you earn more than $400 in self-employment income. The self-employment tax rate is 15.3 percent (12.4 percent for Social Security and 2.9 percent for Medicare). Self-employment taxes of 15.3 percent apply to any self-employed earnings you make under $87,000. For any earning over $87,000, only the 2.9 percent Medicare tax applies. The good news, however, is that self-employment taxes apply only to .9235 percent of your net income and after you have figured self-employment taxes, you can then deduct 50 percent.

Sponsored Ads

Find a Lawyer

Sponsored Links

Your Ad Here