Self employment taxes are comprised of two parts: Social Security and Medicare taxes. If you are self-employed, your Social Security tax rate is 12.4 percent and your Medicare tax is 2.9 percent on those same amounts of earnings but you are able to deduct the employer portion. You will pay an additional 0.9% Medicare tax on the amount that your annual income exceeds $200,000 for single filers, $250,000 for married filing jointly, and $125,000 married filing separate. If you need assistance preparing your return, contact DTA at 877-DTA-6379 or [email protected]. #DTATips #irs #taxes #accountant #selfemployment #selfemploymenttaxes #socialsecurity #medicare
