What is the Social Security tax rate for a self-employed person?
Question
What is the Social Security tax rate for a self-employed person?
Answer
The self-employment tax rate is 15.30%. The employee tax rate is 7.65%. The 7.65% tax rate is the combined rate for Social Security and Medicare. The Social Security portion (OASDI) is 6.20% on earnings up to the applicable maximum taxable amount. The Medicare portion (HI) is 1.45% on all earnings.